Bojangles’, a restaurant chain known for its chicken and biscuits with over 600 locations, raised $147 million by offering 7.8 million shares (100% insider) at $19, the high end of the upwardly revised range of $18 to $19. The Charlotte, NC-based company had initially filed to offer 6.3 million shares at a range of $15 to $17. PE sponsor Advent, which will hold a 74% post-IPO stake, sold nearly all of the shares in the offering. At $19, Bojangles commands a fully diluted market cap of $750 million and an enterprise value of $993 million.
Bojangles' will trade 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 acted as the joint bookrunners on the deal.
