© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
It’s been less than a year since Austin-based Chuy’s Holdings, Inc. announced its initial public offering, yet it has already utilized two secondary public offerings of common stock. Thursday, the company closed on another transaction – its greenshoe option as an extension from April’s $99 million secondary public offering.
Jones Day represented Chuy’s in the transaction, with Dallas capital markets partner Charlie Haag as the lead attorney. Other Dallas attorneys who assisted in the deal were associates Justin Reinus and Andy Gillman.
Jones Day has been the restaurant’s go-to counsel for the whole IPO. The firm has done work with Chuy’s since 2006, when a current client, private equity firm Goode Partners LLC, acquired the Tex- Mex restaurant chain.
Chuy’s made its $87.2 million IPO in July 2012, opening at $13 per share. In January, it made a secondary public offering, valued overall at $129.4 million and $25 per share. Last month, the company made another secondary public offering, this time worth $99 million overall and $33 per share.
Thursday’s closed greenshoe option transaction allows underwriters to buy up to 15 percent of additional shares for the same value from April’s secondary public offering.
The underwriters involved for all three public offerings were lead book-running managers Jeffries & Company, Inc. and Robert W. Baird & Co. Incorporated. Serving as co-managers were KeyBanc Capital Markets Inc.; Raymond James & Associates, Inc.; and Stephens Inc.
Haag said the deal is interesting because of the company’s ability to announce two secondary offerings so quickly after its July IPO.
“It’s pretty normal to try to do one within the first year after the IPO if there’s a good market, but to do two within nine months of the IPO is pretty unusual,” Haag said.
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