Del Frisco's Restaurant Group, a high-end steakhouse operator with 32 restaurants in 18 states, announced terms for its IPO on Tuesday. The Southlake, TX-based company plans to raise $105 million by offering 7.0 million shares (38% insider) at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Del Frisco's Restaurant Group would command a market value of $335 million.
Del Frisco's Restaurant Group, which was founded in 1982 and booked $212 million in sales for the 12 months ended 3/20/2012, plans to list on the NASDAQ under the symbol DFRG. Private equity firm Lone Star Funds is the sole shareholder and selling 15% of its stake on the IPO. Lone Star Funds will own approximately 69% of shares outstanding following the offering. Deutsche Bank Securities, Piper Jaffray and Wells Fargo Securities are the joint bookrunners on the deal.
