FAT Brands (NASDAQ:FAT) announced on Tuesday plans to pursue an initial public offering of its Twin Peaks restaurant business.

The company said the transaction is intended to unlock value for FAT Brands’ (FAT) shareholders by creating a separate publicly traded company and help facilitate continued strong growth of the restaurant chain and market segment.

Twin Peaks recently opened 100^th location and the brand now operates in 26 states and two countries. The brand is slated to open 18 to 20 new lodges in 2023 and expects to end 2023 with approximately 115 lodges to mark a 40% increase in unit count since the acquisition. The Twin Peaks brand also has a committed development pipeline for an additional 109 franchise locations. Over the next several years, Twin Peaks plans to double its unit count to more than 200 lodges and increase the mix of franchised locations from 70% today to more than 80%. The planned unit growth is expected to increase systemwide sales to approximately $1.0B.

“We believe that creating a separate publicly traded company will provide the best opportunity to further enhance the brand, capitalize on its expansion plans and build upon its position as a leader in the sports lodge dining category,” updated Co-CEO Ken Kuick.

The IPO market in general has been slow for more than a year and very few restaurant chains have tested the IPO waters for the last two years.

Shares of FAT Brands (FAT) jumped 8.77% in premarket trading.