NEW YORK (TheStreet) -- Shares of Wingstop Inc. (WING) are gaining by 58.16% to $30.05 in late morning trading on Friday, as the casual dining restaurant chain, which focuses on chicken wings, stock surges in its trading debut.
Wingstop shares opened on Friday at $30.50, above the company's IPO price of $19, The Wall Street Journal reports, adding that at that level the company's market value is about $870 million. That figure is without including any additional shares that may be sold under an over-allotment option.
The Dallas, TX.-based company was once owned by the private equity firm Roark Capital Group and was looking to raise close to $110 million in its IPO.
On Thursday, Wingstop said it would sell 5.8 million shares and prices its offering at $19, higher than the range of $16 to $18 that was anticipated, The Journal said, noting that Wingstop has 712 restaurants across 36 states with 97% of them franchised.