Carrols Prices IPO

SYRACUSE, NY-Carrols Restaurant Group, the owner of the Pollo Tropical and Taco Cabana quick-service chains as well as a major franchisee of Burger King restaurants, has priced its IPO on the Nasdaq at $13 per share. The pricing is a bit lower than the $14 to $16 range management had predicted at an investor presentation earlier this month.

The company, and its shareholders, is offering 10-million shares of its common stock. It will be listed as “TAST” on the Nasdaq, and executives expect the offering to close on Dec. 20.

Carrols refers to Pollo Tropical and Taco Cabana as its “Hispanic Brands.” The company owns 73 Pollo Tropical units, mostly in Florida and franchisees run 26, primarily in Florida. The quick-service chain, acquired by Carrols in 1998, sells Caribbean-themed foods and opened its first New York City unit earlier this year.