Take-and-Bake Pizza Chain Papa Murphy's Files for $70 Million IPO
Papa Murphy's Take 'N' Bake Pizza chain's parent company filed for an initial public offering Tuesday, with the goal of raising $70 million.
Papa Murphy's Holdings, Inc., controlled by private-equity firm Lee Equity Partners, has applied to be listed under the ticker symbol "FRSH." The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Papa Murphy's claims to be the largest take-and-bake pizza chain in the U.S., with international locations in Canada and the United Arab Emirates. The company operates more than 1,425 restaurants worldwide, most of which are franchised locations.
The pizza chain reported a net loss of $2.6 million in 2013, while increasing revenue 20 percent to $80.5 million. Papa Murphy's has been a franchisee favorite, due to the simplified business model of take-and-bake pizza. Franchisees are expected to open between 105 and 115 units in 2014.
2014 has been a hot year for IPOs thus far. While tech IPOs have been especially common, fast-casuals such as Zoes Kitchen, which filed for an $80.5 million IPO earlier this week, are also similar eager to enter the public markets.