The company behind Harvey's and Swiss Chalet has also granted the underwriters an over-allotment option for an additional 1.3 million subordinate voting shares.
The money raised will be used to repay debt, Cara said in a statement Wednesday.
Based on the offering price, the company will have a stock market value of about $1.1 billion
The subordinate voting shares, which will trade under the symbol CAO on the Toronto Stock Exchange, will carry one vote per share.
Fairfax Financial Holdings Ltd. and members of the Phelan family will own the company's multiple voting shares, which will carry 25 votes per share.
Following the offering, Fairfax and the Phelan family will have about 79 per cent of the company's outstanding shares. If the over-allotment option is exercised in full, that percentage drops to 76 per cent.
In addition to Harvey's and Swiss Chalet, Cara owns the Milestones, East Side Mario's, Casey's, Kelsey's and Montana's chains.