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Report: Brazilian restaurant group Madero considers IPO

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Report: Brazilian restaurant group Madero considers IPO

Brazilian restaurant group Madero plans to launch an IPO in the second half of 2020, Reuters reported Oct. 14, citing founder Luiz Durski Jr.'s interview with Portuguese-language newspaper Folha de S.Paulo.

Madero has 140 restaurants in Brazil under the Madero Steakhouse, Madero Container and Jeronimo brands.

Investment banks reportedly advised Durski to launch a U.S. IPO because the offering could value the company at up to 10 billion reais. However, the Curitiba, Brazil-based restaurant operator has not yet hired an investment bank for the potential transaction, the report said.

Durski reportedly said he expects Madero's EBITDA to reach 280 million reais for 2019 and 380 million reais for 2020.

In January, private equity firm Carlyle Group LP acquired a minority stake in Madero for an undisclosed amount.

As of Oct. 14, US$1 was equivalent to 4.13 Brazilian reais.