"The listing should be a test for restaurant IPOs because the category has had a mixed aftermarket record, with clear winners like Chipotle and Wingstop but also weaker or more uneven outcomes from names like Sweetgreen, Krispy Kreme and others," Muehlbauer added.
The franchise plans to utilize its momentum to expand internationally by opening 400 new stores across the United Kingdom and Ireland.
This expansion will be executed in partnership with Peter Cancro, who founded the company in 1975 at the age of 17 and began franchising it in 1987.
Morgan Stanley, Jefferies, and J. P.
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Morgan are serving as the joint book-running managers for the upcoming offering.
