Business
10:35 am
Tue July 24, 2012

Chuy’s Stock Offering Easy to Swallow

That’s a lot of Chimichangas: The parent company of Austin restaurant chain Chuy’s made its initial stock offering Monday, raising $75.8 million.

Chuy's Holdings Inc. will begin trading shares today on the NASDAQ exchange, under the trading symbol CHUY. It makes Chuy’s Austin's newest publicly-traded company.

The Austin-American Statesman reports that the company originally filed for an initial public offering in August of last year, amid a market downturn when few companies were making IPOs. But the market has since strengthened, and the IPO window has reopened. 

That patience is expected to pay off:

"They're well-managed, and their numbers are solid enough that despite the malaise in the overall markets, it's my belief that Chuy's IPO will work," said Scott Sweet, senior managing partner of IPO Boutique, which tracks the IPO market. "I'm not looking for a pop like you'll see with a cloud-based computing offering, but I expect it to trade nicely in the aftermarket."

Since 1982, Chuy’s has grown from a single Austin business to operating 36 restaurants in eight states.