Bojangles’ should be on Wall Street’s menu starting Friday.
Shares in the Charlotte-based fast-food chain are expected to begin trading on the NASDAQ that day as part of the company’s initial public offering, according to Renaissance Capital, which manages IPO-focused funds.
In a filing last week, the restaurant chain known for its fried chicken, biscuits and sweet tea said it plans to sell 6.2 million shares at a price between $15 and $17. Banks underwriting the IPO are expected to set the final price on Thursday.
Although not common, the IPO’s timing could get moved up if there is strong investor demand.
Renaissance had previously said the IPO would take place late this week. The IPO could raise about $122 million, if underwriters exercise their option to buy an additional 937,500 shares. The stock is expected to trade under the ticker symbol “BOJA.”
The proceeds of the offering will go to some of the company’s key investors, not Bojangles’ itself. According to securities filings, the largest holder of Bojangles’ shares, private equity firm Advent International, could sell up to 6.8 million shares, if the underwriters buy their extra allotment.
Bojangles’, founded in Charlotte in 1977, has said it plans a big expansion, though it will remain mostly in areas where it already has a presence. The company operates 622 restaurants in 10 states and the District of Columbia, though two-thirds of its restaurants are in the Carolinas.
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