Bojangles', a restaurant chain known for its chicken and biscuits with over 600 locations, announced terms for its IPO on Monday.
Selling shareholders of the Charlotte, NC-based company plan to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. The company will not receive IPO proceeds. At the midpoint of the proposed range, Bojangles' would command a fully diluted market value of $629 million and an enterprise value of $872 million.
The last high-growth restaurant concept to go public - Shake Shack (SHAK) - has flown up 230% since its IPO in January.
Bojangles', which was founded in 1977 and booked $430 million in sales for the fiscal year ended December 28, 2014, plans to list on the NASDAQ under the symbol BOJA. BofA Merrill Lynch, Wells Fargo Securities, Jefferies, Barclays, Goldman Sachs, Piper Jaffray, William Blair, KeyBanc Capital Markets and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of May 4, 2015.
