Bojangles', a restaurant chain known for its chicken and biscuits with over 600 locations, raised the proposed deal size for its upcoming IPO on Wednesday.
The Charlotte, NC-based company now plans to raise $143 million by offering 7.8 million shares (100% insider) at a price range of $18 to $19. The company had previously filed to offer 6.3 million shares at a range of $15 to $17. At the midpoint of the revised range, selling shareholders will raise 43% greater proceeds than previously anticipated. The proposed market cap increased 16% to $727 million ($970 million enterprise value).
Bojangles', which was founded in 1977 and booked $430 million in sales for the 12 months ended December 31, 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.
