Fogo de Chao shares jump after on first day of trading after IPO prices above expectations

MarketsAssociated Press

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.

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.

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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.