The Habit Restaurants, which operates 99 fast casual burger restaurants predominantly in California, announced terms for its IPO on Monday. The Irvine, CA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, it would command a market value of $379 million.
The Habit Restaurants, which was founded in 1969 and booked $162 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol HABT. Piper Jaffray, Baird, Wells Fargo Securities and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of November 17, 2014.
