Cara Raises $200M IPO
CBJ – Cara Operations has raised $200 million in its initial public offering.
Cara sold 8.7 million subordinate voting shares for $23 each, within its marketed range of $22-to-$24 a share.
The Vaughan, Ontario-based company, which will trade on the Toronto Stock Exchange under the symbol CAO, will use the proceeds to pay down debt, according to filings.
Cara, owned by members of Canada’s Phelan family and Toronto-based Fairfax Financial Holdings Ltd., has 837 restaurants across Canada and 10 brands including Swiss Chalet, Harvey’s, Milestones, Kelsey’s, Bier Markt and East Side Mario’s.
Bank of Nova Scotia, Bank of Montreal and Royal Bank of Canada led a group of banks on the sale, which is expected to close by mid April. The banks have the option to sell an additional 15% of the offering after the close.