There is a lot of blue sky priced into the offer.
Burger Fuel own 1 store - probably loss making - in Sydney, 1 store in Auckland, a wholesale distribution business and the franchise rights. In the 9 months to December 2006 (Why are these results so old?) the company lost about $150,000, having made a small profit in NZ and lost a larger sum in Sydney while incurring setup costs over there.
Given the NZ profits are NZ$132k before tax for 9 months, the bulk of their earnings probably stem from the single original company owned store. Excluding up front franchise fees, their royalty stream is probably about $1m pa at the moment. That doesn't pay for a lot of overhead. With a fairly long operating history, I was however surprised at the paucity of financial data.
I was also suspicious of the low tax rate incurred on the NZ earnings - just 4.53% - which hints that either aren't profitable on an operational level or they have lost money in prior periods as well.
The sizzle comes from expectations of global success. They point out that just a small global penetration results in many stores (and we can surmise a lot of royalties although the prospectus is pretty light on hard data other than some specious what if conclusions).
If they have any sort of success, the $60m price tag the float assigns itself may be justified. I'd find it difficult to pay $60m for a company that is losing money, has an unproven international expansion policy and limited profit potential in their home market. I think the promoters got greedy with their pricing and would consider a price that values the company at half the offer more realistic.
Best wishes to the promoters and potential investors. It is nice to see a local company with ambitions. Too rich for me.