Fatburger parent sets IPO price to raise $24 million

Fat Brands Inc., the parent of the Fatburger chain of restaurants, filed Wednesday for an initial public offering of 2 million shares at $12 a share to raise up to $24 million. The company, which is also the parent of Buffalo's Cafe and Buffalo's Express chains, said it has applied for its stock to be listed on the Nasdaq under the ticker symbol "FAT." The company had initially announced plans to go public on Aug. 3, as it surveyed customers of their interest in investing in the IPO. The company said Wednesday in a statement emailed to MarketWatch that it was currently "testing the waters" for interest in its IPO and that it has filed with the SEC, but said it was "not yet qualified." The company would be going public at a tough time for the food industry, as the PowerShares Dynamic Food & Beverage ETF has lost 3.8% over the past three months and 4.5% year to date, compared with the S&P 500's gains of 1.4% over the past three months and 10.0% year to date.

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