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DENVER-The locally based Red Robin restaurant chain plans to go public in July. It expects to raise about $60 million in its initial public offering, according to Securities and Exchange Commission documents.

The company currently has 187 casual dining restaurants in the US and Canada. The stores are fairly evenly divided between those owned by the company and those that are franchised.

Eventually, it plans to open 850 stores.

It costs about $1.7 million to build a new Red Robin restaurant. The company projects a new store will bring in $3 million in revenues in its first year with profits of $618,000. That equates to a cash-on-cash return of 36%.

Last year, the company had revenues of $224 million from sales and franchise fees. It earned $7.7 million.

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