Fogo de Chao (FOGO) Stock Soaring on First Trading Day

NEW YORK (TheStreet) -- Shares of Fogo de Chao (FOGO) are soaring 30% to $26 in its market debut today on the New York Stock Exchange after its IPO.

Fogo de Chao is a Brazilian steakhouse, or churrascaria, which has specialized for over 35 years in fire-roasting high-quality meats using the Southern Brazilian cooking technique of churrasco.

Fogo, the fourth restaurant group to go public on a U.S. exchange this year, priced its initial public offering of 4.4 million shares at $20 a share. This is above the company's previous expectation of $16 to $18. The offering includes a 30-day option for underwriters to purchase up to an additional 661,764 shares.

Currently, Fogo has an implied valuation of $545 million, The Wall Street Journal reports.

Offering fresh, affordable prices with the sit-down, full-bar features, the steakhouse straddles the fast-casual and more traditional dining spaces, according to the Journal.

The chefs are mostly from Brazil, and Fogo has a cash-flow advantage over its peers, as labor costs are minimized, said Kathleen Smith, principal at Renaissance Capital, which manages IPO-focused exchange-traded funds.

Last year, Fogo reported revenue of $262 million, up 20% from a year earlier, the Journal added.

More than 6.7 million shares were changing hands as of 1:14 p.m.

More from Markets

Global Stocks Slide as Trump's New Trade War Salvo Ignites Fresh Concern

Global Stocks Slide as Trump's New Trade War Salvo Ignites Fresh Concern

Trump Tariff Threat, Deutsche Bank, Elon Musk and Apple - 5 Things You Must Know

Trump Tariff Threat, Deutsche Bank, Elon Musk and Apple - 5 Things You Must Know

Automakers Slump as Trump Launches National Security Probe into US Car Imports

Automakers Slump as Trump Launches National Security Probe into US Car Imports

Deutsche Bank Confirms Massive Job Cuts as New CEO Christian Sewing Plants Flag

Deutsche Bank Confirms Massive Job Cuts as New CEO Christian Sewing Plants Flag

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market