Bojangles goes public to become $1 billion companyStaff writer ▼ | May 8, 2015
Shares of Bojangles rose as much as 47 percent in their debut, valuing the restaurant chain at nearly $1 billion.
IPO Shares of Bojangles rose 47%
The company has 622 restaurants, of which about 60 percent are franchised, mainly located in the southeastern United States. It gets about 80 percent of its revenue via drive-through and takeout.
The offering of 7.75 million shares was priced at the high end of the expected range of $18-$19 per share. The company's shares touched a high of $27.97 within minutes of trading on Friday.
Bojangles' revenue jumped about 15 percent to $430.5 million in 2014, while net income rose 7.4 percent to $26 million.
The IPO raised about $147 million, with a majority of the proceeds going to its controlling shareholder, private equity firm Advent International Corp. Advent's stake in Bojangles fell to about 74% from about 94% after the offering. ■