BIZMOLOGY — Austin, Texas-based Tex-Mex restaurant operator Chuy’s Holdings is enjoying an extended happy hour. The company recently filed paperwork to issue 4.5 million more shares of its common stock based on the strength of strong same-store sales and successful new restaurant openings.
Chuy’s Holdings originally went public back in July 2012. It successfully raised more than $75 million through its initial public offering of 5.8 million shares at $13 each. The stock has performed well since it hit the market, and shares recently closed at $28.44.
Chuy’s Holdings currently operates 40 Chuy’s Tex-Mex casual dining restaurants in eight states. The restaurants serve up a menu of enchiladas, fajitas, tacos, and oversized burritos, as well as signature drinks like fresh-squeezed lime margaritas and Texas Martinis. Each Chuy’s location offers patrons a funky, vibrant, and eclectic atmosphere, decked out with Mexican folk art, vintage hubcap-coated ceilings, and a shrine to the “King of Rock and Roll” himself (Elvis Presley).
The chain started as a single restaurant on Barton Springs Road in Austin, Texas back in 1982. In addition to its many Texas restaurants, Chuy’s now has locations in Alabama, Florida, Georgia, Indiana, Kentucky, Oklahoma, and Tennessee.
Chuy’s plans to open additional locations in new and existing markets during 2013 as part of its efforts to build on its strong 2012 results. The chain expects to open eight or nine new units by the end of this year. Unlike many restaurant chains, Chuy’s owns and operates all of its restaurants and does not offer franchises.