OTG EXP Inc., which operates restaurants and concessions in North American airports, is seeking to raise as much as $585 million in an initial public offering.

The company plans to sell 32.5 million Class A common shares for $16 to $18 each, according to a regulatory filing Thursday.

OTG, based in New York, operates more than 220 food and beverage locations in 10 airports, including John F. Kennedy International Airport in New York, Newark Liberty International Airport and Toronto-Pearson International Airport, according to the filing. A number of those outlets allow travelers to order with their Apple Inc. iPads.

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Following the IPO, OTG EXP will be a holding company and its sole asset will be equity interest OTG Management LLC, the founder’s management-services subsidiary. That unit will use the funds to pay down debt, the filing shows. Rick Blatstein, founder, chairman and chief executive officer of OTG, will control about 92 percent of the voting interest in the company after the IPO.

While OTG EXP is a new corporate entity, its predecessor, which started in 1996, posted a net loss of $46.7 million on sales of $273.6 million in the year ended Dec. 28, 2014. In the 39 weeks ended Sept. 27, 2015, the net loss was $116.4 million on sales of $285.3 million.

Morgan Stanley and Credit Suisse Group AG are leading the offering. The company plans to list its shares on the Nasdaq Stock Market under the symbol OTG, the prospectus shows.

The year for U.S. IPOs has started off with a whimper. No companies have gone public in 2016 as volatility has plagued equities, affected by the slowing economy in China, uncertainty about how higher U.S. interest rates will affect the financial system, depressed commodity prices and turmoil in the high-yield bond market.

This article was written by Alex Barinka from Bloomberg and was legally licensed through the NewsCred publisher network.

Tags: ipo, otg
Photo Credit: OTG's terminal refresh at Toronto airport OTG Management