VAUGHAN, Ont. — Cara Operations Ltd. has completed its initial public offering of 8,700,000 subordinate voting shares at $23 per share, and today the company announced an over-allotment option that saw further shares sold, bringing gross proceeds to $230.1 million.
Additional gross proceeds to Cara was $30 million. Subordinate voting shares carry one vote per share. Toronto’s Fairfax Financial Holdings and members of the Phelan family own multiple voting shares, which carry 25 votes per share, which together represent 76 per cent of the company’s total shares.
Subordinate voting shares are listed on the Toronto Stock Exchange under the ticker “CAO.”
Cara operates 10 brands, with more than 830 restaurants across Canada, 89 per cent of which are operated by franchisees.
