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Chuy's Holdings sees IPO priced at $11-$13/share
(Reuters) - Chuy's Holdings Inc, which operates Chuy's Tex Mex restaurant, said it expects its initial public offering of 5.8 million shares to be priced at $11 to $13 apiece.
At the midpoint of the expected price range, the offering will raise about $70 million.
The Austin, Texas-based company, founded in 1982, had restaurants in 32 locations as of March 25.
Chuy's Holdings is backed by Goode Partners LLC, which will hold an almost 60 percent stake in the company after the offering.
The company had filed with the U.S. Securities and Exchange Commission in August to raise up to $75 million in an IPO.
In November, it increased the size of the proposed offering to $92 million.
Several restaurant offerings are being prepped for the IPO market on bets that investors will welcome the entry of specialty regional chains.
Private equity-backed CKE Inc, which operates the Carl's Jr and Hardees fast food chains, filed for an IPO in May, a week after Joe's Crab Shack operator Ignite Restaurant Group (IRG.O) made a strong debut.
Ignite's shares closed more than 36 percent above their IPO price on Wednesday.
Bloomin' Brands, which runs the Outback Steakhouse restaurant chain, filed for an IPO in April.
Jefferies and Baird are the lead underwriters to Chuy's Holdings' offering.
(Reporting by Sharanya Hrishikesh in Bangalore; Editing by Don Sebastian)
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