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A Brazilian steakhouse chain just went public, and it's up 30%

Akin OyedeleJun 19, 2015, 22:50 IST

Fogo de Chão went public today, and its shares surged more than 28%.

The Brazilian steakhouse chain had priced its IPO at $20 and opened at $26 per share, up 30%.

The company is trading on the New York Stock Exchange with the ticker FOGO.

At $26 per share, the company has a market value of around $708 million.

The restaurant features a buffet-style spread of various meats.

According to its IPO filing, Fogo de Chão had 34 restaurants in the US and Brazil as at the end of 2014, and generated $262 million in revenues last year.

The chain plans to increase the number of restaurants by about 10% annually, with a focus on North America.

There have been a number of other stellar restaurant IPOs in recent months. Last Friday, chicken wing chain Wingstop surged 60% in its public market debut.

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