Shares of Wingstop Inc. soared Friday soon after the chicken wings chain stated it raised extra than $110 million in its initial public providing, the most recent debut for a quickly casual restaurant.
The stock climbed $11.59, or 61 %, to close at $30.59 on Friday, far above its IPO price tag of $19 a share.
Chains that get in touch with themselves “quick casual” tout a additional relaxed atmosphere and more quickly service than regular restaurants, even though promoting their meals as healthier and fresher than quick meals. The style has grown in recognition in recent years, and older rapid food chains are attempting to refashion themselves to catch the trend.
Rapidly casual has also caught on with investors.
Wingstop’s debut is the most recent in a string that stretches back much more than year. Shares of Shake Shack and sandwich maker Potbelly each a lot more than doubled in value on their 1st day of trading. Chicken chain El Pollo Loco climbed about 60 percent on its first day, and chicken and biscuits maker Bojangles sophisticated 25 percent. Every single corporation had an IPO that priced at far more than $100 million.
Wingstop serves wings with sides and fries, and opened one hundred restaurants in 2014. It currently has around 750 places in the U.S. and 5 other countries.
The chain earned $two.6 million on income of $19 million in its most current quarter. Sales in U.S. retailers open at least a year, a key metric of a retailer’s health, rose practically 11 percent.
Shares of Wingstop are listed under the ticker “WING.”