Wingstop, a fast casual chicken wing-focused restaurant chain with 745 locations, raised the proposed deal size for its upcoming IPO on Tuesday.
The Dallas, TX-based company now plans to raise $99 million by offering 5.8 million shares (63% insider) at a price range of $16 to $18. The company had previously filed to offer 5.8 million shares at a range of $12 to $14. At the midpoint of the revised range, Wingstop will raise 31% greater proceeds than previously anticipated.
Wingstop, which was founded in 1994 and booked $70 million in sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol WING. Wingstop initially filed confidentially on March 27, 2015. Morgan Stanley, Jefferies, Baird, Goldman Sachs, Barclays and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2015.
