Bravo Brio Restaurant Group Inc. announced plans to sell up to an estimated $172.5 million of stock in an initial public offering, raising funds for debt repayment.
While some renewed market volatility in the past several months has made it tougher for some companies to complete the process, IPO filings have remained solid as companies and owners continue to see an opportunity to raise capital or cash in some of their investment.
Ohio-based Bravo Brio, which operates Italian restaurants under brands Bravo and Brio has been expanding in the past five years, adding 34 restaurants to put its store count at 83 as of March 28. In that time, revenue has grown at a compounded annual rate of 12% despite the several years of weakness seen in the restaurant industry.
But the company has been unprofitable, though the red ink narrowed notably last year. It had a first-quarter profit of $2.5 million on revenue of $81.8 million, compared with a prior-year loss of $1.3 million on revenue of $73.6 million. The company didn't provide same-store-sales data in its filing Friday with the Securities and Exchange Commission.
Bravo Brio intends to apply for a stock listing on the Nasdaq Global Market under the symbol BBRG.
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