The shares of Fogo de Chao, a Brazilian steakhouse chain surged during its first day of trading in the stock market today. The stock price of the company increased more than 28% to $25.64 per share at the time of this writing around 1:43 in the afternoon in New York.

Fogo de Chao

Fogo de Chao is trading its shares on NASDAQ under the ticker symbol “FOGO.” The steakhouse chain priced its initial public offering (IPO) at $20 per share, which was higher than its expected range of $16 to $18 per share.

Fogo de Chao sold more than 4.4 million shares of stock, and its market value is around $798 million excluding additional shares that could be sold under the overallotment option. The underwriters of the company’s IPO have a 30-option to acquire up to 661,764 additional shares of its common stock.

Jefferies and JP Morgan Securities served as book-running managers of Fogo de Chao’s public offering.

Fogo de Chao received multiple recognitions

Fogo de Chao was established by the Cosers and Ongarattos brothers in Porto Alegre, Brazil. Fogo de Chao means “fire on the ground.” Thomas H. Lee Partners, a private equity firm acquired Fogo de Chao in 2012. The private equity firm owns 22.3 million shares representing 77.6% of the company after the IPO (assuming the full exercise of its overallotment option).

Fogo de Chao is an upscale steakhouse. It is popular for its grill-to-table meats and extensive buffet featuring a variety of vegetable dishes and desserts. The company also offers a table service and a full bar.

The steakhouse chain received recognitions from local and national media in the markets where it operates. Fogo de Chao multiple best restaurant awards from Veja Magazine, a prominent lifestyle publication in Brazil. It also receives numerous accolades in the United States including from Nation’s Restaurant, Zagat, and Wine Spectator Magazine.

Fogo de Chao operates 26 restaurants in the United States, 10 in Brazil, and one joint-venture restaurant in Mexico.

Fogo de Chao financial performance

The company reported a net loss of $0.9 million in 2013. The following year, its financial results improved and reported a net income of $17.6 million.

Fogo de Chao said its revenue growth rate was 19.6%. The company generated revenue of $262.3 million last year. During the 13 weeks ended March 29, 2015, the company posted a net income of $4.7 million and revenue of $65 million.

The company said it has a long-term potential to expand in more than 100 new domestic locations, and additional restaurants overseas.