Burger Fuel’s initial public offering has failed to raise the minimum $8 million it needed to float on the share market but will still go ahead after its founding shareholders said they would make up the difference.
The offer, which was due to close yesterday, has been extended for a week. It has been promoted on TV and through Burger Fuel stores.
The company had aimed to raise $15 million, with a minimum subscription of $8 million.
Director Josef Roberts said yesterday he could not reveal how big the shortfall was but said he and founder Chris Mason would make up the difference.
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