April 2, 1999
The Associated Press
Fans of Rubio's Baja Grill may soon be able to own a piece of the restaurant that helped popularize fish tacos in Southern California.
Rubio's Restaurants Inc. took the first step Friday toward an initial public stock offering in the growing chain. The company filed an IPO registration with the Securities and Exchange Commission, an approval process that takes a minimum of 30 days.
SEC rules prohibit Rubio's officials from discussing the stock offering until it is approved.
The restaurant, which had 1998 sales of $45 million, has 64 locations in Southern California, Denver, Phoenix and Las Vegas. In 1997, Rubio's was listed as the 166th largest Hispanic firm in the U.S. by Hispanic Business Magazine.
The family-owned restaurant opened its first location in 1983 in San Diego's Mission Bay area. The family based its business on a fish taco recipe obtained five years earlier from a street vendor in the Mexican coastal town of San Felipe.
The filing with the SEC proposes the sale of 3.1 million common shares.
Thomas Weisel Partners LLC, Dain Ruascher Wessels and U.S. Bancorp Piper Jaffray are managing the offering.
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