Johnny Rockets, Hot Dog on a Stick parent company Fat Brands, plans to list restaurant chain Twin Peaks on the stock exchange

Published: Jun 6, 2023 at 2:38pm ET

Shares of Fat Brands Inc. FAT rose 9.4% in Tuesday afternoon trade towards a 10-week high after the restaurant franchise, which includes brands like Johnny Rockets, Hot Dog on a Stick, Round Table Pizza and Fatburger had announced that it was planning an initial public offering (IPO) of its sports-lodge-style restaurant chain, Twin Peaks. Twin Peaks, which Fat Brands acquired in October 2021, is expected to have about 115 lodges by the end of 2023, up nearly 40% since the acquisition. The chain expects to double the number of its restaurants to more than 200 lodges in the next few years. The company said the timing and size of the…

Fat Brands Inc. stock

FAT

Soared 9.4% towards a 10-week high in afternoon trade Tuesday after the restaurant franchise, which boasts brands including Johnny Rockets, Hot Dog on a Stick, Round Table Pizza and Fatburger, announced it was going public (IPO) is planning its Twin Peaks restaurant chain in a sports lodge style. Twin Peaks, which Fat Brands acquired in October 2021, is expected to have about 115 lodges by the end of 2023, up nearly 40% since the acquisition. The chain expects to double the number of its restaurants to more than 200 lodges in the next few years. The company said the timing and size of the IPO will depend on market conditions. It plans to remain majority owner of Twin Peaks after the IPO. “We believe that the formation of a separate public company provides the best opportunity to further strengthen the brand, capitalize on its expansion plans and extend its position as a leader in the sports lodge dining category,” said Fat Brands Co-CEO Ken Kuick. The IPO plans come at a time when investor interest in IPOs like the Renaissance IPO exchange-traded fund is growing

initial public offering

is up 10.3% over the past three months, while the S&P 500

SPX

increased by 5.6%.