Bloomin’ Brands On the Rise after Below-Range Pricing

Aug 8 (Reuters) – Shares of Bloomin’ Brands Inc rose as much as 14 percent in debut, a day after the Outback Steakhouse operator scaled down its initial public offering size and priced it below its expected price range.

The IPO of 16 million shares was priced at $11 per share, compared with earlier plans to sell 21.4 million shares at between $13 and $15 per share.

Bloomin’ Brands, which is backed by U.S. private equity firm Bain Capital, owns and operates 1,247 restaurants and has 195 restaurants operating under franchise or joint venture arrangements across United States and 21 other countries.

The company — which also runs Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse and Wine Bar — sold 13 million shares in the offering, while the selling stockholders sold the remaining shares.

BofA Merrill Lynch, Morgan Stanley, JPMorgan and Deutsche Bank Securities were among the underwriters to the offering.

Shares of the Tampa, Florida-based company were up 11 percent at $12.21 at noon on the New York Stock Exchange.

Image Credit: Shutterstock.com