Nando's could offer cheeky shares as chicken restaurant considers stock market flotation

Company is in the early stages of planning the sale, sources say

Eating at the restaurant is colloquially known has having a ‘cheeky Nando’s’ (Rex)

Nando’s, the South African fast-food company known for its spicy chicken and fries, is considering an initial public offering, according to sources.

The company is speaking to advisers and is in the early stages of planning a share sale, the sources said, asking not to be identified as the deliberations are private. The company is weighing up a London listing among other potential venues, they said. No final decisions have been made and the company may look at other ways to raise funds.

Reports about plans for an initial public offering (IPO) are incorrect, and the company isn’t looking at ways to raise money, a spokesman said.

An overseas IPO would help the Johannesburg-based company, originally backed by billionaire Dick Enthoven, raise money in a currency other than South Africa’s rand as it continues to expand globally. A Nando’s IPO would follow in the footsteps of other South African companies, such as Steinhoff International Holdings and Brait, which have primary listings outside the country to hedge against a volatile currency.

A listing in London would also give Nando’s access to a large investor base. Companies raised nearly $8bn (£6.4bn) from IPOs in the UK last year, compared with $647m in South Africa, data compiled by Bloomberg shows.

Bloomberg