Bobby's Burger Palace launches IPO
July 18, 2017
by MEAT+POULTRY Staff
Celebrity Chef Bobby Flay's burger concept seeks to raise $15 million.
NEW YORK – Chef Bobby Flay and managing partner, Laurence Kretchmer, followed up the launch of a franchising program with an initial public offering for Flay’s fast-casual concept, Bobby’s Burger Palace.
The company is attempting to raise up to $15 million and be listed on the New York Stock Exchange as “FLAY.” Proceeds from the IPO will go toward domestic and international expansion, sales and marketing, and working capital.
“We are very excited to be able to bring Bobby’s Burger Palace to millions of Americans and other investors around the world by creating the opportunity to invest in our company by buying shares at the initial offering price,” Kretchmer said. “While a traditional public offering is generally reserved for large institutional investors and only the clients of the investment bank, we are taking advantage of new SEC regulations to level the playing field for all investors to participate concurrently in our IPO.”
TriPoint Global Equities LLC, working with its online division BANQ, will act as the lead managing selling agent and bookrunner for the offering. Bobby’s Burger Palace is seeking to become the first celebrity-driven company to launch a Regulation A+ IPO with a listing on the NYSE.
The company announced the concept’s global licensing program on July 13.
“I created Bobby’s Burger Palace with one goal in mind — to bring a quality burger experience to everyone and I have spent the last nine years perfecting the concept,” Flay said. “I am thrilled to be able to finally share BBP with our fans around the world.”
Flay started Bobby’s Burger Palace in 2008. The company currently operates 17 restaurants across nine states and Washington, DC. The company’s signature burgers feature fresh, never-frozen beef, made to order with proprietary sauces and toppings.