Del Frisco's sets IPO price at $14 to $16
Southlake-based Del Frisco's Restaurant Group, which in January said it plans to go public, on Tuesday filed disclosures showing it hopes to issue up to 8.05 million shares at $14 to $16 each. The company will sell 4.33 million of the shares, raising an estimated $57.2 million after expenses, while its largest shareholder, Lone Star Fund, plans to sell at least 2.67 million shares, or up to 3.7 million shares if the demand exists. (Lone Star bought a predecessor corporation in 2006.) An issue date has not been announced, but the shares will trade under the ticker DFRG on the Nasdaq. Del Frisco's said it will use $50 million to pay down outstanding debt.
According to its filing with the Securities and Exchange Commission, Del Frisco's last year reported $9 million in net income on $201.6 million in sales. That compared to $8.7 million in earnings on $165.6 million in revenues in 2010. It operates 32 restaurants in 18 states under three names: Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille.
-- Jim Fuquay