Ignite Restaurant Group, operator of Joe's Crab Shack and Brick House Tavern+Tap, announced terms for its IPO on Monday. The Houston, TX-based company plans to raise $75 million by offering 5.8 million shares (3% insider) at a price range of $12 to $14. At the midpoint of the proposed range, Ignite Restaurant Group would command a market value of $322 million.
The company currently has 138 locations in 31 states. For the quarter ended 3/26/2012, revenue increased 18% to $103 million and net income doubled to $2 million. The company is fully owned by private equity firm J.H. Whitney, which is selling 1% of its stake and will control 71% of shares after the offering.
Ignite Restaurant Group, which was founded in 1991 and booked $421 million in sales for the 12 months ended 3/26/2012, plans to list on the NASDAQ under the symbol IRG. Credit Suisse, Baird and Piper Jaffray are the joint bookrunners on the deal.
