Bojangles just went public and the stock is exploding higher

BojanglesFacebook/Bojangles’Bojangles’ sweet tea is a staple in the South.

Shares of Bojangles spiked by up to 29% on Friday, its first day on the market.

The fried-chicken-and-biscuit-chain priced its IPO at $US19 a share, which was at the higher range of its expectations.

A Bojangles’ regulatory filing showed that it had expected to sell 7.75 million shares at between $US18 and $US19 a share.

Near noon, the stock was trading at around $US23.50 a share after having changed hands above $US27 at one.

There’s a lot going for the Charlotte, North Carolina-based company, as Business Insider’s Hayley Peterson notes.

It offers all-day breakfast with buttery biscuits made from scratch. Its fried chicken is always made with fresh meat marinated for at least 12 hours, and its menu includes classic Southern-inspired sides like cole slaw and green beans. And then there’s its signature sweet tea, which is a staple in the South.

According to its IPO filing, Bojangles has 622 restaurants in 10 states. It plans to expand its locations by 8% annually. Sales at Bojangles grew to $US430 million in 2014 from $US349 million in 2012.

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