Reaching fair value for that whopper of an IPO

Aaron Pressman

Back in February, I was pretty skeptical of Burger King's planned IPO given the company's slipping performance (improvement slowed) and big payouts to LBO buyers resulting in extra debt on the company's balance sheet. Subsequently, the CEO took off for no apparent reason and the company updated its financial results. Today, the King filed its share price range and valuation, generally a sure sign that the pricing is near. How does it look? Let's just say I wouldn't recommend slathering too much ketchup and mustard on this deal.

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