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Restaurant chain Bojangles’ files for IPO — Reuters

(Reuters) – Bojangles’ Inc, a chicken-and-biscuits restaurant chain in the United States, filed with the country’s regulators for an initial public offering of its common stock.

The filing from the Advent International Corp-backed restaurant chain comes at a time when private equity-backed companies are looking to tap a fully valued equity market.

U.S. party goods retailer Party City Holdco Inc, backed by buyout firm Thomas H Lee Partners LP, said on Monday that it expected to raise up to $372 million in an IPO, while healthcare research firm Press Ganey filed for an IPO.

Bojangles’ filing follows the successful listing of cult hamburger chain Shake Shack Inc (SHAK.N) in January.

Bojangles’, which records most of its sales before 11 in the morning, has a menu centered on chicken and biscuits, which has remained largely unchanged since the company was founded in Charlotte, North Carolina in 1977.

The company has 254 company-operated and 368 franchised restaurants, mainly located in the southeastern United States.
Bojangles’ average check was $6.68 at company-operated restaurants in 2014, making it more expensive than dining at a McDonald’s Corp (MCD.N) or a Wendys Co (WEN.O) outlet.

Bojangles’ revenue rose about 15 percent to $430.5 million in 2014, while net income rose 7.4 percent to $26 million.

Bank of America Merrill Lynch, Wells Fargo Securities and Jefferies are the lead underwriters of the offering.

The regulatory filing had a nominal fundraising target of $100 million, but did not state how many shares the company or its shareholders planned to sell or their expected price. (

The company said it intends to list its common stock on the Nasdaq under the symbol “BOJA”.

The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.