IPO values Brazil restaurant chain operator Fogo De Chao at $545 million

Waiters hold skewers of meat at the Fogo de Chao Brazilian steakhouse, where food is prepared in the traditional gaucho way, in Sao Paulo April 15, 2014. REUTERS/Paulo Whitaker

(Reuters) - Fogo De Chao Inc FOGO.O priced its initial public offering at $20 per share, valuing the restaurant chain operator at $545 million.

The Brazilian steak house chain’s IPO raised $88.2 million after its initial public offering of more than 4.4 million shares was priced above the expected price range of $16-$18 per share.

The chain specializes in fire-roasting meat utilizing the centuries-old Southern Brazilian cooking technique of ‘churrasco.’

Fogo De Chao’s shares are expected to start trading on Friday on the Nasdaq under the symbol “FOGO.”

Jefferies LLC, JP Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc, Piper Jaffray & Co, Wells Fargo Securities LLC and Macquarie Capital (USA) Inc were among the underwriters of the offering.

Reporting by Sudarshan Varadhan and Shubhankar Chakravorty. Editing by Andre Grenon