NEW YORK – Shares of Fogo de Chao Inc. surged in their first day of trading after the Brazilian steakhouse chain priced its IPO above the expected range.
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The company's initial public offering on Friday sold just over 4.4 million shares of stock at $20 apiece. Shares quickly jumped after the opening bell and were up $5.46, or 27 percent, to $25.48 in midday trading.
The company had proposed the IPO between $16 and $18 per share.
Underwriters for the IPO have a 30-day option to purchase up to 661,764 additional common shares.
Jefferies LLC and J.P. Morgan Securities LLC are acting as joint book-running managers in the offering.
Dallas-based Fogo de Chao operates 26 restaurants in the U.S., 10 in Brazil and one joint venture restaurant in Mexico.