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Habit Holders to Sell 5.75M Shares for $138M

Shareholders of Habit Restaurants Inc. plan to sell up to 5.75 million shares for an estimated $137.7 million, a Securities and Exchange Commission filing shows.

The filing estimates a share price of about $24, and the offering includes a 750,000 over-allotment for underwriters. The number of shares to be sold by specific shareholders wasn’t detailed in the Nov. 6 filing. Former majority owner KarpReilly LLC currently controls about 38% of the company.

Directors and other executive officers control about 6%. Several individual shareholders control between about 3% and 6.5%.

Habit has 13.8 million shares of Class A stock and 12.2 million shares of Class B common stock. Class B can be converted into Class A common stock, and the filing is for a sale of Class A stock.

Habit Restaurants Inc. isn’t selling shares and won’t receive proceeds from the offering.

The chain has about 130 restaurants.

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