Shares in German-owned restaurant chain Vapiano are to be offered at €23 per share in its initial public offering (IPO), Reuters reports. 

Vapiano, based in Bonn, with four restaurants in the UK, had marketed the shares in a range of €21 to €27. The IPO will raise as much as €184m, of which €85m are from new shares.

The IPO is aimed to help fund the expansion of its Italian-themed restaurants.

The subscription period expires on Monday, and shares are expected to start trading in Frankfurt on Tuesday.

Barclays, Berenberg and Jefferies are acting as joint global coordinators for the Vapiano IPO, together with Unicredit as joint bookrunners.