Arcos Dorados (world’s largest McDonald’s franchisee) Announces Closing of Initial Public Offering
Arcos Dorados Holdings Inc. (“Arcos Dorados“) (NYSE: ARCO) announced yesterday the closing of its underwritten initial public offering of 84,506,788 class A shares at a price to the public of $17.00 per share. The underwriters exercised their over-allotment option in full, thereby increasing the number of shares sold by 11,022,624 class A shares. The shares are traded on the New York Stock Exchange under the symbol “ARCO.”
Arcos Dorados sold 9,529,412 class A shares and certain selling shareholders sold 74,977,376 class A shares, including 11,022,624 class A shares sold to the underwriters pursuant to the underwriters’ over-allotment option.
Arcos Dorados received approximately $152.3 million in net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses. Arcos Dorados intends to use the net proceeds for capital expenditures such as opening and reimaging restaurants.
“We are very appreciative of the positive response to our IPO,” said Woods Staton, Chairman and Chief Executive Officer. “Our management team, board of directors and the entire Arcos Dorados crew deeply respects the trust our shareholders have placed in our company and our strategy, and we take very seriously our responsibility to consistently deliver value to all our stakeholders.”