Joe’s Crab Shack owner readies IPO

Ignite Restaurant Group Inc. unveiled estimated terms of its initial public offering, anticipating selling about 5.6 million shares at USD 12 to USD 14 apiece.

As of late March, the company owned and operated 122 Joe’s Crab Shacks, a casual seafood chain, and 16 Brick House Tavern + Taps, a pub-style chain, in 31 states. Connecticut-based private equity firm J.H. Whitney Capital Partners LLC bought about 120 Joe’s restaurants from Laundry’s Restaurants in 2006. The company in 2008 added Brick House as a second chain and changed its name from Joe's Crab Shack Holdings Inc. to Ignite. 

The company plans to raise about USD 65.3 million, after expenses, from the IPO, looking to pay down debt, give J.H. Whitney about USD 1 million as part of a termination of a management agreement, and fund general corporate needs. 

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