By Aimee Chanthadavong
Pie Face has appointed Macquarie Group and CBA Equities as joint lead managers to assist the company in its plan to list on the ASX.
Speaking to RetailBiz, co-founder and CEO Wayne Homschek said since establishing the business in 2003, it has always been a key goal.
"From the day we started, we had a vision for it. To build from having many stores, a global brand and successful franchisees and eventually a public listing. And that's always been in the back of our mind. It's a good disicpline that requires to think and act a certain way," he said.
The IPO is anticipated to occur during 2012, subject to a number of factors including market conditions and the progress of the company in its store roll out and overall business plan.
According to Pie Face, it experienced accelerated growth over calendar 2010-2011 year to date. It curerntly has 49 stores open, which is up for 22 at the beginning of 2010 and there are 15 more stores under development.
The joint lead managers will be also assisting the company to raise up to $10 million in a pre initital public offering (IPO) placement to be eligible sophisticated and professional investors.
The Pre IPO is expected to be completed by 30 June 2011.
“I need to reiterate that the listing is not imminent and it will happen no sooner than 2012. So for the time being it’s business as usual. In the short-term, we’ll be raising a bit of capital for the ITO but we need to be careful because it’s a working progress,” Homschek said.