PHILADELPHIA -- Aramark Holdings Co. has announced terms for its proposed initial public offering of 36.3 million shares. The stock is expected to be priced between $20 and $23 a share, according to today's filing with the U.S. Securities and Exchange Commission. Aramark expects to offer 28 million shares, while private-equity stockholders will sell the remaining 8.3 million shares.
Aramark filed plans for an IPO of up to $100 million in September. It intends to use its share of the proceeds to pay down debt. | SEE STORY
This will be the third IPO for the Philadelphia-based provider of vending, food, facilities and uniform services. The company's chairman, Joseph Neubauer, who owns about 10% of Aramark, led a buyout in 1984 and helped bring the company back to public ownership in 2001. He then led its 2007 buyout with a group of private-equity firms that included GS Capital Partners, JP Morgan Partners and Warburg Pincus. The latter will remain the company's largest shareholder, with an 18.2% stake.
Aramark will list its shares on the New York Stock Exchange under the symbol ARMK.