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The parent company of Burger King in Spain and Portugal, Restaurant Brands Iberia, is reportedly setting its sights on a $2.7 billion Initial Public Offering (IPO) in 2024. Alongside Burger King, the company also operates the Tim Hortons coffee chain and Popeyes in these regions.
Restaurant Brands Iberia owns Burger King restaurants in Spain and Portugal. It also operates the Tim Hortons coffee chain and Popeyes in the said regions. It is now seeking a valuation of $2.7 billion as it prepares for an IPO next year.
According to The Portugal News, Restaurant Brands Iberia aims to list the company on the Spanish stock exchange within the second half of 2024. It was reported that this plan started in 2019 and has only been resumed this year.
The Burger King operator in Spain and Portugal hired Morgan Stanley and Bank of America to restart the process for its IPO plans. It was learned that the initial plan was halted due to the pandemic outbreak in March 2020.
"We will push forward the plan for the group to go public in the second half of 2024," Restaurant Brands Iberia's president, Gregorio Jiménez, told a local publication regarding its IPO plans. "The roadmap has already been defined, even though there are no advisors hired for the time being."
Restaurant Brand Iberia's president said, "Although it is still early to give a concrete number, the intention is to take more than 50% of the company's capital to the stock exchange."
Meanwhile, World Coffee Portal reported that the Madrid-headquartered restaurant company is pursuing a €2.4 billion or about $2.7 billion valuation to go public. Jimenez started running the Burger King stores as a licensee in Spain in 1981 through his former company called Quickmeals. After securing a master franchise deal for Tim Hortons, he created Restaurant Brands Iberia in 2017, also managing Burger King and Popeyes in Spain and Portugal today.
Photo by: Marquise de Photographie/Unsplash
