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Bojangles IPO


April 29 2015, 08.05am GMT


On Monday, Bojangles’ Inc. unveiled plans of its initial public offering (IPO) to sell 6.25 million shares ranging from $15 - $17 a share. Here are some great insights to this growing business.

Bojangles’ Inc., the company who is based in North Carolina, said on Monday that it plans to offer the public 6.25 million shares ranging from $15 - $17 a share it is IPO. Bojangles’ has tapped Wells Fargo Securities, Bank of America Merrill Lynch and Jefferies on the deal as lead book runners. Ticker symbol “BOJA” is what Bojangles plans to list under on the Nasdaq exchange.

So if you want to get in on some Bojangles’ trading action, here are some interesting facts on the company:

According to the company’s IPO prospectus, since Bojangles’ first opened in 1977 in Charlotte, its menu has not changed much. Bojangles’ now has an impressive 622 outlets across ten states and Washington D.C., however, it remains famous for the Bojangles’ buttery biscuits, home-brewed ice tea and its bone-in fried chicken.

Added to this, the company remains a US domestic operation. It currently has geographic reach in Kentucky, North Carolina, South Carolina, Alabama, Florida, Georgia, Pennsylvania, Maryland, Tennessee, Virginia and Washington D.C. It also has three restaurants internationally which are all located in Honduras.

In case you didn’t know, Bojangles’ is a bigger company that you may think. In the IPO prospectus it states that the chain in 2014 had $1 billion in annual system-wide sales. Since the year 2000, its target market’s population growth rate was above its national average, benefitting the company’s sales.

Bojangles’ has a unique approach to dividing its day. There are five different parts which starts with breakfast, and thereafter lunch, and then snacks followed by dinner and lastly after-dinner. Bojangles’ offers breakfast all day however interestingly; it made 38 percent of its 2014 revenue before 11am. Adding to these interesting numbers, the company said that in 2014, the average company operated restaurant bill was $6.68.

In the Bojangles’ IPO, the company will not be receiving any proceeds from the sales of the shares because all common stock currently offered is being sold by selling stockholders. This includes any of the shares that sell if the specific underwriters choose to exercise its green-shoe option. Also, based on the prospectus, Bojangles’ is not planning to pay dividends in the near future; instead the cash flow is for business expansion purposes. The company is confident it’s in an early stage of a positive growth story, given an expansion to 622 restaurants at the end of 2014 from the end of 2011 having 508 restaurants. The company believes that its overall potential given its current base could be greater than 1,400 locations. They also believe that expansion across the entire US could have the potential of greater than 3,500 locations.

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