Burger King and Popeyes franchisee Rex Concepts plans Warsaw IPO

GDANSK, April 8 (Reuters) - Central European quick-service restaurant operator Rex Concepts plans to launch an initial public offering and list its shares on the Warsaw Stock Exchange, it said on Wednesday.

The master franchisee of the Burger King and Popeyes brands in Poland, the Czech Republic and Romania expects gross proceeds of up to 560 million zlotys ($154 million) from the issuance of new shares.

Rex Concepts said it planned to use the funds to finance its business plan and accelerate growth. It could also pursue market consolidation in Central and Eastern Europe or introduce new brands, it added.

Founded in 2022 by former AmRest managers, the company operated 159 locations as of the end of last year. It is wholly owned by Luxembourg-based Rex Invest CEE, indirectly controlled by McWin Capital Partners.

McWin, established in 2021 by food-service entrepreneurs including AmRest founder Henry McGovern, manages about 1 billion euros in assets across the restaurant and food technology sectors.

Rex Concepts plans to open about 70 new restaurants in 2026 and aims to expand its network to around 850 locations across its three markets by 2032.

In 2025, the company's revenue grew 66% to 594.6 million zlotys, while its core profit, or EBITDA, rose to 43.4 million zlotys from 6,000 zlotys in 2024.

($1 = 3.6393 zlotys)