Arcos Dorados (ARCO) IPO Opens Higher

The IPO for McDonald's franchisee Arcos Dorados (NYSE: ARCO) is open for trading. Shares are trading at $21.12 after pricing 73.5 million shares at $17.

Underwriters for the IPO included BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Itau BBA, and Citi.

Arcos Dorados operates 1,755 McDonald's-branded restaurants throughout LatAm and the Caribbean, which represent 6.7% of McDonald’s total franchised restaurants worldwide at the end of 2010.

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