Outback parent co. stock blooms after IPO

NEW YORK (AP) ? Shares of Bloomin' Brands, which operates Outback Steakhouse and other restaurant chains, rose more than 11 percent in the stock's first morning of trading on the Nasdaq.

Shares rose $1.25, or 11.4 percent, to $12.25 in midday trading Wednesday.

The share increase is a positive sign after the IPO season cooled off following Facebook's disappointing market debut in May. Other companies scheduled to go public later this week include Carl's Jr. owner CKE Inc. and British soccer club Manchester United. The timing of the IPOs coincides with the final week before many on Wall Street go on break until after Labor Day.

Late Tuesday, the Tampa, Fla.-based Bloomin' Brands priced its initial public offering of 16 million shares at $11 per share, below the $13 to $15 per share expected, for gross proceeds of $176 million. Other selling stockholders offered 3 million additional shares. And underwriters have a 30-day option to buy up to an additional 2.4 million shares, half from Bloomin' Brands and half from selling shareholders.

The company said it plans to use proceeds to pay down debt and for working capital and for general corporate purposes.

Bloomin' Brands' other chains include Carrabba's Italian Grill and Bonefish Grill. It operates more than 1,400 restaurants in 48 states and 20 countries. Its name comes from a signature dish at Outback Steakhouse, an onion carved to resemble a flower that is then deep fried.

The stock is trading under the ticker "BLMN" on the Nasdaq Global Select Market.

The company, which used to be called OSI Restaurant Partners, was public until 2007, when private equity firms Bain Capital Partners and Catterton Management Co. bought it for $41.15 a share in cash in a deal worth a total of $3.24 billion.

The positive results for Bloomin' Brands could bode well for CKE Inc., which begins trading on Friday. Similar to Bloomin' Brands, the owner of fast-food chains Carl's Jr. and Hardee's first went public in in 1981. In 2010, private-equity firm Apollo Management bought it and took it private.

It expects to price its offering at $14 and $16 each and hopes to raise an estimated $100 million.

This time around it plans to list under the ticker "CK" on the New York Stock Exchange.

The offerings cap a summer IPO season that got off to a slow start because of the fallout from Facebook's disappointing market debut.

Facebook shares began trading publicly on May 18 at the top of their projected IPO range, but ended up closing barely above their IPO price at $38.23 and have fallen sharply since then. They were trading at $20.91 Wednesday morning, down 45 percent from their IPO price.

Source: http://news.yahoo.com/outback-parent-co-stock-blooms-ipo-150755781--finance.html

cory booker cubs cj wilson ellsbury brad pitt and angelina jolie brad and angelina herniated disc