Ignite Restaurant IPO watch: Accordding to the data of the NASDAQ Stock Exchange, U.S. restaurant operator Ignite Restaurant Group will probably see its IPO (initial public offering) coming out on May 10, 2012. The company intends to sell 5.57 million shares of common stock, and the selling shareholder will offer additional 196,528 shares of common stock. The Ignite Restaurant IPO price is anticipated to be between $12.00 and $14.00. The company intends to trade its common shares on The NASDAQ Global Select Market under the symbol “IRG.”
Ignite Restaurant estimates to collect net proceeds of approximately $65.3 million from this public offering, calculated by an assumed IPO price of $13.00 per share, which is the median of the previously set Ignite Restaurant IPO price range. The company will use the net proceeds from the sales of the common shares in this offering to prepay credit facility; a fee associated with the termination of the management agreement; and for other general corporate purposes.
Credit Suisse Securities, Robert W. Baird and Piper Jaffray are acting as the lead underwriters, of the Ignite Restaurant IPO. KeyBanc Capital Markets, Lazard Capital Markets and Raymond James & Associates, also joined the Ignite Restaurant IPO underwriting syndicate. The underwriters have an option to purchase a maximum of 865,384 additional shares at the Ignite Restaurant IPO price to cover over-aalotments.
Ignite Restaurant Group currently operates two restaurant businesses. Joe’s Crab Shack and Brick House Tavern+Tap across the United States. As of March 26, 2012, the company has opened 138 restaurants in 31 states.
The company booked revenues of $307.8 million, $351.3 million and $405.2 million for the fiscal year 2009, 2010 and 2011, respectively, representing a compounded annual growth rates of 14.0%. For the twelve weeks ended Marxh 26, 2012, the company recognized revenues of $103.4 million, an increase of 18.3% compared to $87.4 million for the same period of 2011.
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Ignite Restaurant IPO