Local Burger King operator to be traded on Nasdaq

DAILY SABAH
ISTANBUL
Published

TAB Gıda San. ve Tic. A.Ş (TAB Gıda), one of the largest Burger King franchises in the world, will be offered to the public in the U.S.

According to Bloomberg's sources close to the subject, the public offering will take place in 2018, as previously mentioned in the lobbies. For now, the book building process is unclear, but the sales figure is likely to reach up to $400 million.

Last year's $150 million investment by Goldman Sachs, Credit Suisse and the European Bank for Reconstruction and Development for TAB Gıda's 10 percent stake pointed to valuation at $1.5 billion for the whole company.

TFI Tab Gıda will be listed on the Nasdaq with the QR code QSRG.

Deputy Prime Minister Mehmet Şimşek, who evaluated the public offering on his Twitter account, said: "We expect the company to spend the revenues generated from the public offering on investment in Turkey. The future of the food industry is bright in our country."

The U.S. public offering will be settled by Morgan Stanley, Credit Suisse, Goldman Sachs, Citigroup, JP Morgan and Rabo Securities.

TAB Gıda, which has more than 700 Burger King outlets in China and 600 in Turkey, also operates Popeye's, Sbarro and Arby's locations.

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