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.

NOW WATCH: Chickens Today Are Shockingly Bigger Than They Used To Be

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.