Ignite Restaurant (IRG) IPO Surges Higher

The IPO for Ignite Restaurant Group (NASDAQ: IRG) opened for trading at $16.85 after pricing 5,769,231 shares at $14.00 per share, the top end of the expected $12-$14 range.

Credit Suisse Securities (USA) LLC, along with Robert W. Baird & Co. Incorporated and Piper Jaffray & Co. are acting as joint book-running managers for the offering. KeyBanc Capital Markets Inc., Lazard Capital Markets LLC and Raymond James & Associates, Inc. are acting as co-managers for the offering.

Ignite Restaurant Group, Inc. owns and operates two restaurant brands, Joe's Crab Shack and Brick House Tavern + Tap. Each brand offers a variety of high-quality, chef-inspired food and beverages in a distinctive, casual, high-energy atmosphere. Joe's Crab Shack and Brick House Tavern + Tap operate in a diverse set of markets across the United States. Joe’s Crab Shack operates 124 restaurants in 31 states and Brick House Tavern + Tap operates 16 restaurants in 9 states as of May 10, 2012.

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