The stock initially priced its IPO at $19 per share, before soaring almost 40% to $26.55 on its opening price. Since then, the stock has cooled, trading near $24.5, which is still an impressive gain of nearly 30%.
Now was the right time to go public, said CEO Clifton Rutledge. Along with a strong stock market - the S&P 500 is near its all-time high - the company has the right team to continue Bojangles' expansion efforts, Rutledge said.
As of the end of 2014, there were 622 locations. The company plans to expand outside its core markets in North Carolina and South Carolina, but only into adjacent states. Once those markets become mature, management will look to expand outside of those states too, Rutledge explained.
Investor interest in the road show was "phenomenal," he added, saying that he's confident the brand will continue to do well. The people are the top assets, but the "food is the star of the brand," Rutledge said.
Breakfast is a big seller for Bojangles, which see 38% of its sales generated before 11 a.m. As a result, breakfast is served all day.
The food quality is similar to fast-casual locations, but the service is quick, and the menu provides value to customers like that of fast-food restaurants, Rutledge concluded. Ultimately, that makes a huge difference for customers who are looking for quality and convenience.