- Celebrity chef Bobby Flay plans to take his fast-casual burger chain, Bobby's Burger Palace, public.
- The chain, of which there are 17 locations, competes with the likes of Shake Shack, Five Guys and Smashburger.
- The company is expected to launch a Regulation A+ initial public offering and seeks to raise about $15 million.
Bobby Flay is hoping that Wall Street can help him grow his burger business.
The celebrity chef said Monday that he plans to offer up shares of his fast-casual restaurant, Bobby's Burger Palace, to expand the chain across the country and internationally.
The chain, of which there are 17 locations, competes with the likes of Shake Shack, Five Guys and Smashburger. The burger category is crowded and competitive, leading some analysts to question if Flay's shop will be able to gain a foothold.
John Zolidis, a restaurant analyst and president of Quo Vadis Capital, told the Wall Street Journal that Bobby's Burger Palace doesn't have the same notoriety as Shake Shack did when it went public, which could be a hindrance.
Still, Flay's name could be enough to garner investor interest. He is well-known for his appearances on Food Network and for his high-end restaurants.
The company is expected to launch a Regulation A+ initial public offering and seeks to raise about $15 million.
"While a traditional public offering is generally reserved for large institutional investors and only the clients of the investment bank, we are taking advantage of new SEC regulations to level the playing field for all investors to participate concurrently in our IPO," Laurence Kretchmer, managing partner at Bobby's Burger Palace, said in a statement.
The company will be listed as "FLAY" at the New York Stock Exchange.