Bravo Brio Restaurant Group (BBRG)

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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs:   Globe Specialty Metals   •   LogMeIn   •   Invesco Mortgage Capital   •   Medidata   •   Chemspec

 

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Remi Cossart

Bravo Brio Restaurant Group (NASDAQ:BBRG) owns and operates two Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. Both of the brands provide upscale food at an affordable price. While the brands do share a common market, they do have distinct marketing and brand recognition, so both restaurants are able to remain in the same markets.^[1]

Bravo Brio's IPO was the first one since Einstein Noah Restaurant (BAGL) went public in June 2007 and raised $90M. However, in 2006, there were a series of restaurant IPOs ranging from Chipotle Mexican Grill (CMG), Morton's Restaurant Group (MRT), Tim Hortons (THI), Burger King Holdings (BKC), and Carrols Restaurant Group (TAST). The worsened economic condition slowed the rate of companies going public and Bravo Brio is the first to go since the financial crisis. ^[2]

The company's initial public offering of stock on the NASDAQ and occurred on October 20, 2010. The company offered 10M shares each for $14. This was at the bottom of the initial price range of $14-$16. The goal of the IPO was to raise $140M in total. The lead underwriter of the deal were Piper Jaffray Companies (PJC) and Wells Fargo (WFC).^[3]

The company's total revenue has risen consistently since 2007. Its figures were $265M, $301M, and $312M in 2007, 2008, and 2009 respectively. The company's net income have not been as consistent. It reported -$.79M, -$61.4M, and $3.4M in 2007, 2008, and 2009 respectively. The drop in 2008 was due to a substantial rise in income tax provision.^[4]

References

1. ↑ BBRG 2010 S-1/A Prospectus Summary "Our Business" pg 1
2. ↑ Renaissance Capital - IPO Home "Bravio Brio Restaurant Group prices at $14, the low end of the range; issues mores shares": First U.S. restaurant IPO in over 3 years
3. ↑ Renaissance Capital - IPO Home "Bravio Brio Restaurant Group prices at $14, the low end of the range; issues mores shares"
4. ↑ BBRG 2010 S-1/A Prospectus Summary "Summary Historical Consolidated Financial and Operating Data" pg 10