TFI Tab Food Investments launches initial public offering

KUALA LUMPUR: TFI Tab Food Investments Inc (TFI) has commenced an initial public offering ( IPO) of 22,000,000 American Depositary Shares (ADSs), with each ADS representing 12 ordinary shares.

These include 4,500,000 ADSs to be sold by the company and 17,500,000 ADSs to be sold by certain existing shareholders.

In a statement, TFI said the price range of the IPO was estimated at between US$9 and US$11 per share and underwriters would have an option to purchase up to an additional 3,300,000 ADSs from certain existing shareholders.

TFI will use the net proceeds received to repay a portion of outstanding debts and will not receive any proceeds from the ADSs sold by the selling shareholders.

Morgan Stanley and Co LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs and Co LLC, act as bookrunning managers and representatives of the underwriters, while Citigroup Global Markets Inc and JP Morgan Securities LLC act as bookrunners, and Rabo Securities USA Inc as co-manager for the proposed offering.

The company has applied to list its ADSs on the Nasdaq Global Select Market under the symbol “TFIG”.

TFI is one of the world’s largest global restaurant operators with over 1,800 restaurants and more than 30,000 employees.

In its 22-year history, TFI has grown its portfolio to include a broad range of quick service restaurants, mainly in Turkey and China. — Bernama