Bloomin' Brands downsizes IPO, prices below range-underwriter

* Stock offered at $11/shr, down from $13-$15/shr

* Sells 16 mln shares, below 21.4 mln planned

* To list shares on Nasdaq under symbol "BLMN"

Aug 7 (Reuters) - Outback Steakhouse operator Bloomin' Brands Inc scaled back its initial public offering, selling fewer shares at below the forecast range to raise $176 million, down from $300 million expected, according to an underwriter.

The IPO of 16 million shares was priced at $11 per share, compared with earlier plans to sell 21.4 million shares at between $13 and $15 a share, the underwriter told Reuters.

The offering valued equity in Bloomin' Brands, which is majority-owned by private equity group Bain Capital, at $1.29 billion.

The company, which also runs Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse and Wine Bar, sold 13 million shares in the offering, the underwriter said.

Bloomin' Brands shares are scheduled to start trading on Wednesday on the Nasdaq under the symbol "BLMN."

The Tampa, Florida-based casual dining chain plans to use the proceeds from the IPO to retire its outstanding debt.

BofA Merrill Lynch, Morgan Stanley, JPMorgan and Deutsche Bank Securities were among the underwriters to the offering.

Bloomin' Brands owns and operates 1,247 restaurants and has 195 restaurants operating under franchise or joint venture arrangements across 49 U.S. states and 21 countries and territories.

The company had reported net income of $50 million for the quarter ended March 31, down 9 percent from last year. Its revenue rose 6 percent to $1.06 billion in the same period.