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A Swiss Chalet location is shown in Toronto in this 2008 photo.

Kevin Van Paassen/The Globe and Mail

Cara Operations Ltd., a Canadian restaurant company with brands including Swiss Chalet and Harvey's, raised $200.1-million in its initial public offering, according to sale documents.

Cara sold 8.7 million subordinate voting shares for $23 each, within its marketed range of $22 to $24 a share, according to the documents.

The Vaughan, Ont.-based company, which will trade on the Toronto Stock Exchange under the symbol CAO, will use the proceeds to pay down debt, according to filings.

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Cara, owned by members of Canada's Phelan family and Toronto-based Fairfax Financial Holdings Ltd., has 837 restaurants across Canada and 10 brands including Milestones, Kelsey's, Bier Markt and East Side Mario's, according to filings.

Bank of Nova Scotia, Bank of Montreal and Royal Bank of Canada led a group of banks on the sale, which is expected to close around April 10. The banks have the option to sell an additional 15 per cent of the offering after the close.

A message left with Cara's public affairs office wasn't immediately returned.

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