Shares of Bojangles’ increased 25% in its Market Debut

Stocks of Bojangles increased 25% in their trading debut. It seems that investors are quite interested in the chicken and biscuits restaurant operator's stocks. The company's initial public offering raised $147.3 million.

In order to start the chain's IPO, more than 100 Bojangles' executives, workers and their families were in New York and they were distributing Cajun chicken filets and ham, egg and cheese biscuits for the breakfast at the Nasdaq in Times Square.

CEO Clifton Rutledge was very happy and affirmed that it was a 'great day' for the company. He affirmed that the day was a historic one for the company, their employees and franchises. "As we went across the country to get ready for this, the confidence level we saw from the investors that we talked to about our story and our brand, it's been overwhelming", stated Rutledge.

Bojangles' shares opened at $26.55 and then they increased to almost $28 and closed at $23.75. Experts said that the company chose a good day to go public, as the positive job report has strengthened overall markets.

In 1977, Bojangles' started in Charlotte and is known for its chicken and biscuits. Now, it operates 622 eating places in 10 states and the District of Columbia. Majority of Bojangles' restaurants are in the Carolinas.

The company is planning to expand after its IPO and will do it in the existing markets for now. Seeing the investors' demand, the restaurant chain has increased the number of shares to sell in its IPO from 1.5 million to 7.75 million this week.

At the $19 IPO price, the offering increased around $147 million. The money from the offering will go to certain Bojangles' shareholders selling the stock and not the company itself.