TFI TAB Food Investments (TFI TAB Gida), an exclusive franchisee for Burger King and other QSRs in Turkey and China, withdrew its plans for an initial public offering on Thursday after postponing in February 2018, citing market volatility. It had filed to raise $220 million by offering 22 million shares (80% insider) at a price range of $9 to $11.
The Istanbul, Turkey-based company was founded in 1994 and booked $991 million in revenue for the 12 months ended September 30, 2017. It had planned to list on the Nasdaq under the symbol TFIG. Morgan Stanley, Credit Suisse, Goldman Sachs, Citi and J.P. Morgan were set to be the joint bookrunners on the deal.
