MADRID (Reuters) - Restaurant Brands Iberia (RBI), the owner of fast-food chains Burger King and Popeyes in Spain and Portugal, is preparing an IPO on the Madrid Stock Exchange in the second half of 2024, business newspaper Expansion reported.
"We will push ahead with the plan to take the group public in the second half of 2024. The roadmap is already set, though no advisers have been hired yet," Expansion quoted RBI Chairman Gregorio Jimenez as saying.
The company is hoping for a valuation of about 2.4 billion euros ($2.67 billion), the Expansion report added, citing unidentified market sources.
In 2019, RBI hired Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) as it considered going public, but its plans were derailed by the COVID-19 pandemic.
Jimenez told Expansion the group is targeting revenue of about 1.3 billion euros ($1.45 billion) and earnings before interest, tax, depreciation and amortisation of close to 250 million euros next year.
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