Taking stock: Chuy's goes public, vows not to become Chili's
At Chuy's, for $13 at happy hour you can get three swirl margaritas, build-your-own nachos from a fake car trunk and endless ramekins of the addictive Creamy Jalepeño sauce.
Or for the same amount of money you can soon buy your own share of Chuy's when the Austin-based restaurant chain releases its initial public offering, scheduled to begin trading on July 25. Just think, when you splurge on fajitas and flan, you'll be supporting your investment.
The decision to take the restaurant chain public comes 30 years after founders Mike Young and John Zapp opened the first location on Barton Springs Road in 1982.
Chuy's Holdings is planning to release 5.8 million shares of the company for $11 to $13 per share, raising up to $75 million. According to Reuters, Goode Partners LLC would hold a 60 percent stake in the company after the IPO.
The decision to take the restaurant chain public comes 30 years after founders Mike Young and John Zapp opened the first location on Barton Springs Road in 1982. Since then Chuy's has grown to encompass 32 restaurants in seven states.
"We don't want to be Chili's," Chuy's CEO Steve Hislop told the Austin American-Statesman. "We don't want to be [TGI] Friday's. We don't want to be one of the restaurants that look the same. I don't want to be thought of as a growth company or a chain."
Can Chuy's keep its funky identity while expanding throughout the United States? Would you buy stock in the restaurant?