Bojangles’ completes initial public offering

Charlotte-based restaurant chain Bojangles’ on Wednesday said it completed its initial public offering of 8.9 million shares at a price of $19 a share, raising over $169 million.

Total proceeds were boosted when banks underwriting the IPO exercised an option to buy an additional 1.16 million shares. The proceeds are going to Bojangles’ biggest investor, Advent International, not the company itself.

In its trading debut Friday, Bojangles’ shares surged as much as 47 percent before closing up 25 percent. Shares of the Charlotte-based fast food company rose 3.8 percent to $26.39 Wednesday.

The restaurant chain disclosed its plans to go public last month. Investment banks leading the offering were Bank of America Merrill Lynch, Wells Fargo Securities and Jefferies.

Bojangles’, known for its chicken and biscuits, opened its first restaurant in Charlotte in 1977. The company operates 622 restaurants in 10 states and the District of Columbia. Two-thirds of its restaurants are in the Carolinas.

This story was originally published May 13, 2015 at 4:56 PM with the headline "Bojangles’ completes initial public offering."