High-end steakhouse chain Del Frisco Restaurant Group begins public trading today, although it will sell less common stock than initially planned.
The IPO was cut to 5.8 million shares at $13 a share. The Southlake, Tex.-based company said previously it planned to sell 7 million shares between $14 and $16.
The company earned $9.09 million in 2011 on revenue of $201.63 million. Del Frisco, which oversees 32 restaurants in 18 different states, said in a filing with the Securities and Exchange Commission earlier this year that it plans on “entering new markets and expanding our presence in existing markets.”
Private-equity firm Lone Star Funds in 2006 spun Del Frisco into a separate company when it acquired the restaurant with Texas Land & Cattle and Lone Star Steakhouse & Saloon, according to Dow Jones.
The stock will trade on the Nasdaq under the symbol DFRG. Deutsche Bank Securities, Piper Jaffray & Co. and Wells Fargo Securities are the lead underwriters for the IPO.