Muscle Maker, a healthy fast casual restaurant chain with 39 mostly-franchised stores, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $6 million by offering 1 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Muscle Maker would command a fully diluted market value of $42 million. The company is also registering 6.3 million shares held by existing shareholders, subject to applicable lock-up agreements. Due to its post-IPO market cap being less than $50 million, the company will no longer be included in Renaissance Capital's IPO stats.
Muscle Maker was founded in 1995 and booked $5 million in sales for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol GRIL. Alexander Capital is the sole bookrunner on the deal.
