US-based entertainment and amusement location operator Dave and Buster’s is planning to go public after proposing an initial public offering of its common stock.
The number of shares to be offered and the price range for the offering have yet to be determined. The company has applied to list its stock on the NASDAQ stock market under the symbol PLAY.
Dave and Buster’s long-term goal is to operate more than 200 stores in North America, CEO Steve King said earlier this year. To date, the company owns and operates 69 venues, having opened three stores already this year. Its plan, said King, is to open as many as eight stores in 2014.
“Over the long term, we believe that we can own and operate in excess of 200 stores in North America, which is approximately three times our current store base.”
In the first quarter of this year, which ended on May 4, the company’s total revenues increased 15.9 per cent to $194.8m and adjusted EBITDA rose 17.9 per cent to $50.6m. Food and beverage revenues increased 14.9 per cent and amusements and other revenues jumped 16.7 per cent.
