Chicken wing restaurant chain Wingstop Inc (WING.O), backed by Roark Capital Group, said its initial public offering was priced at $19 per share, above the expected price range, valuing the company at about $543 million.
The IPO raised about $110.2 million at that price.
The expected price range was raised to $16-$18 per share earlier this week from $12-$14.
The Dallas-based company, owned by private equity firm Roark Capital Group, sold 2.15 million of the 5.8 million shares in the offering.
Roark’s stake will drop to 66.9 percent from 84.5 percent after the offering.
Wingstop operates 745 restaurants across 37 U.S. states and five other countries as of March 28, according to the company’s IPO filing.
The company plans to use the money to pay down debt and for a $3.3 million fee to end its management agreement with Roark Capital Management LLC, affiliated with Roark Capital Partners.
Wingstop’s shares are expected to start trading on Friday on the Nasdaq under the symbol “WING”.
Morgan Stanley, Jefferies and Baird are the lead underwriters for the offering.
(Reporting by Richa Naidu and Avik Das in Bengaluru; Editing by Sriraj Kalluvila)