Wingstop jumps after chicken wings chain's IPO prices above estimates at $110 million

MarketsAssociated Press

Shares of Wingstop are rocketing after the chicken wings restaurant chain said its initial public offering raised $110.2 million.

Wingstop's offering of 5.8 million shares for $19 each. Its stock climbed $12, or 63.2 percent, to $31 in morning trading.

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Most of the shares in the offering are being sold by Wingstop shareholders. The Dallas-based company will get $40.9 million in gross proceeds.

Wingstop's restaurants serve 11 varieties of wings along with sides and seasoned fries. It currently has around 750 restaurants in the U.S. and five other countries.

Wingstop calls itself the world's largest "fast casual" chicken wings restaurant company.

Those restaurants have become more popular and several have gone public in the last few years, using cash from their IPOs to speed up their growth.