Cara Operations completes initial public offering

On April 10, 2015, Cara Operations Limited (Cara) closed its initial public offering of 8,700,000 subordinate voting shares at a price of C$23.00 per share, for total gross proceeds of approximately C$200 million. The shares are listed on the Toronto Stock Exchange under the symbol "CAO".

The offering was made through a syndicate of underwriters led by Scotia Capital Inc., BMO Capital Markets and RBC Capital Markets (acting as joint bookrunners) and including CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Cormark Securities Inc. and Laurentian Bank Securities Inc. Pursuant to the underwriting agreement dated February 13, 2015, Cara issued an additional 1,305,000 subordinate voting shares, as part of the over-allotment option granted to the underwriters, at the same price as the offering, for total gross proceeds of C$30,015,000. The exercise in full of the over-allotment option, which closed on April 14, 2015, increased the total gross proceeds of the public offering to approximately C$230 million.

The net proceeds of the offering were used to repay indebtedness.

Cara is Canada's largest full-service restaurant company and third largest restaurant operator.

Further information can be found on Stockhouse's website.