Ignite Restaurant Group announced the pricing of its initial public offering of 5.77 million shares of common stock at $14.00 per share, the high end of the range of $12 to $14. The closing of the offering is expected to occur on May 16, 2012.
Of the shares in the offering, 5.57 million shares are being offered by Ignite, and 197 thousand shares are being offered by selling shareholders.
Ignite said it will not receive any of the proceeds from the sale of shares sold by the selling shareholders.
Ignite Restaurant plans to begin trading on May 11, 2012 on the NASDAQ Global Market under the ticker symbol "IRG."
In addition, Ignite has granted the underwriters a 30-day option to purchase up to an additional 865 thousand shares to cover over-allotments, if any.
Credit Suisse, Baird and Piper Jaffray acted as lead managers on the deal.
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by RTT Staff Writer
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