US fast-food giant Burger King is set to raise around $400m (£215m) in a stock market listing on the New York Stock Exchange, which could value the company as high as $3bn (£1.61m).

A successful listing would be a remarkable turnaround for the backers of the business that bought it from drinks group Diageo in December 2002.

Diageo had itself thought about spinning-off the chain in a listing but trading difficulties forced it to make a private sale.

Even after the new owners were installed, Burger King had a far from smooth run, losing two chief executives.

Even Greg Brenneman, the company’s latest boss, is to quit although this time the departure is amicable as he has succeeded in changing the chain's fortunes.

The debut of the shares is expected later this month and it will be the fourth listing of a restaurant chain in the USA so far this year.

Both Chipotle Mexican Grill, formerly a division of McDonald's, and doughnut chain Tim Horton's, have been a success with both share prices well above their initial listing price.

The flotation of steakhouse chain Morton's Restaurant Group has been less well received with its share price still at around the same level as when it came to market in February.

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By Andrew Sangster

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