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Chuy's is now a publicly traded enchilada maker. This morning they offered nearly 6 million shares on the NASDAQ exchange for $13 each. By noon the stock prices had risen16 percent to $15.20, indicating Wall Street is at least temporarily bullish on Chicka-Chicka Boom-Boom enchiladas.
Chuy's plans to use the funds raised in the initial public offering to further expand the chain.There are 32 locations of the Austin-based Tex Mex restaurant with six in the DFW area. There could be twice as many across the country in as soon as five years.
Chuy's news precedes a similar announcement from the Del Frisco's restaurant group, which is also going public as soon as the end of this week. While I was reviewing the Del Frisco's Grille, the less expensive offering from the popular Texas steakhouse, several employees told me of the restaurant's expansion plans.
The first location opened in New York in 2011, followed by the Dallas location last year. A third location opened in Phoenix earlier this summer and a Washington, D.C., branch opened earlier this July at a Pennsylvania Avenue address that used to house Anthony Bourdain's Les Halles restaurant. An Atlanta location is expected to open this fall, but no additional expansion plans are listed on their website.