Public offered a bite of Burger Fuel
Burger bar franchise Burger Fuel is selling 26.7 per cent of the company to the public, starting with a direct offer to its regular customers and over-the-counter investment advice.
The listing on the second-tier stock market NZAX offers 15 million $1 shares in minimum parcels of 1000, which values the company at $60 million.
There will also be a one-for-five option to buy addtional shares in 18 months’ time at the same price.
Burger Fuel director Josef Roberts said the $15 million would be invested in expansion in Australia and exploring other overseas markets.
The chain has opened 19 stores in New Zealand and one in Australia since founder Chris Mason started the company in Ponsonby 12 years ago.
It sold 1.5 million burgers last year, earning revenue of $16.5million, 54 per cent up on the previous year.
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