Burger King Files for $400M IPO

The fast-food chain plans to list shares on the NYSE under the symbol "BKC."
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Burger King

filed a registration statement Thursday for a $400 million initial public offering, setting forth plans to go public for the first time as an independent company.

In the filing, the burger chain said it plans to list its shares on the

New York Stock Exchange

under the symbol "BKC." The company said it will use the proceeds from the sale to pay debt.

The filing wasn't a surprise; BK said

earlier this month that it planned to go public. The move comes as Burger King seeks to gain ground over fast-food rivals

McDonald's

(MCD) - Get Report

and

Wendy's

(MCD) - Get Report

.

The Miami-based Whopper maker has been owned by private equity firms Texas Pacific Group, Bain Capital and Goldman Sachs Capital Partners since 2002. The group bought the chain from British spirits company

Diageo

.

The filing shed some light on Burger King's finances. For its most recent fiscal year, which ended June 30, the company reported net income of $47 million and revenue of $1.94 billion. For the six months ended Dec. 31, the company had a profit of $49 million, with revenue of $1.02 billion.