Bloomin' Brands (BLMN), the owner of Outback Steakhouse and smaller chains Fleming's Prime Steakhouse, Bonefish Grill and Carabba's Italian Grill, is seeing a 17% pop for its Nasdaq debut Wednesday afternoon.
The Tampa-based company, which has about 1,400 restaurants across 48 states in the U.S. (along with eateries in 20 international markets), sold 16 million shares at $11 on Tuesday night, well below its initial target of 21 million shares in a range of $13 to $15. Bloomin' raised $176 million in the offering, which is the first of two edible IPOs this week. CKE Restaurants (CK), which owns fast food joints Hardees and Carl's Junior, is set to trade later this week on the NYSE. CKE has more than 3,000 locations across 43 U.S. states and 13 countries.
The IPOs follow a string of recent restaurant debuts that has generated a mixed appetite among investors. Tex-Mex chain Chuy's (CHUY) and Ignite Restaurant Group (IRG) -- both serving up healthy returns so far, particularly Chuy's,Read More »from Bloomin’ Brands Sizzles as First Edible IPO This Week