Burger King’s Biggest Operator Weighs Istanbul IPO Among Options

Burger King’s biggest franchisee, TFI TAB Food Investments, is exploring options including an initial public offering in Istanbul, according to people with knowledge of the matter.

The listing is one of several possibilities to raise capital or set the course for the Istanbul-based company, which has received interest from potential investors outside Turkey, said the people, asking not to be identified because the talks are private.

Deliberations are ongoing and the firm has yet to decide what action it will take, the people said. TFI TAB Food Investments declined to comment.

The company is making a second attempt at an IPO after delaying plans to offer shares in New York in 2018 following a global sell-off in equity markets. By listing on Borsa Istanbul, it would join a flurry of Turkish companies looking to cash in on a growing pool of local retail investors that powered a 34% rally in stocks on the exchange this year.

The company operates more than 2,500 restaurants in Turkey and China, making it the largest franchisee for fast-food chain Burger King globally, according to its website. It runs more than 1,000 restaurants in Turkey, an operation that also includes Sbarro, Popeyes and Arby’s.

Its China business, which started in 2012, is present in more than 150 cities.

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