Bojangles' Inc., the Charlotte-based chicken chain with a loyal following in the South, plans to offer 6.25 million shares in its initial public offering. Some analysts believe it could generate more than $106 million with a target price of $15 to $17 per share, according to U.S. Securities and Exchange Commission filings. Last month, the company announced the IPO alongside news that it plans to list itself on the NASDAQ under the symbol BOJA. In fiscal 2014, the company generated more than $1 billion in system-wide sales.
The company is expected to use the generated funds to aggressively expand the brand. The company's updated prospectus states: "We believe we are in the early stages of our growth story." Currently, there are 254 company-operated stores and 368 franchised restaurants within the company's portfolio.
However, the chain sees room for growth. The company plans to expand to up to 1,400 locations within the existing 10-state footprint. Nationally, it sees potential to reach more than 3,500 locations. In the short term, the company plans to open 22 to 25 new company-operated locations in fiscal 2015, while planning to open 28 to 32 new franchise restaurants within the same time frame. The next phase of expansion will expand the restaurant chain in between 7% and 8% annually.