UPDATE 1-Ignite Restaurant sees IPO at $12-$14/share
April 30 (Reuters) - Joe's Crab Shack operator Ignite Restaurant Group said it expects its initial public offering of 5.8 million shares to be priced at $12 to $14 per share.
The company, which intends to list its shares on the Nasdaq under the symbol "IRG," expects to raise about $65 million in net proceeds, at the midpoint of the price range.
The company, in its initial filing with the U.S. Securities and Exchange Commission in July, had said it intended to raise $100 million in the IPO.
Ignite Restaurant, which plans to use the net proceeds to repay debt, is offering 5.6 million shares, while its private equity owner J.H. Whitney is selling 196,528 shares.
Credit Suisse, Robert W. Baird and Piper Jaffray are acting as the lead underwriters for the offering.
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