The owner of Joe’s Crab Shack is seeking to raise up to $100 million in an initial public offering of its shares, Reuters is reporting.
Ignite Restaurant Group submitted the filing with the U.S. Securities and Exchange Commission on Friday, saying that it would use to the proceeds of the IPO to pay down debt, according to Reuters. The filing did not reveal the number of shares the Houston-based company plans to sell or their expected price.
Joe’s Crab Shack operates about 115 casual seafood restaurants across the United States. Formally JCS Holdings LLC, Ignite paid USD 192 million to acquire the struggling chain from Landry’s Restaurants in 2006.
Ignite, which also owns Brick House Tavern+Tap, posted a profit of USD 11.6 million last year.
