Tex-Mex love sending Chuy’s IPO higher

Chuy’s started in Austin and has grown to 36 restaurants across the Lone Star State and Midwest. Chuy’s started in Austin and has grown to 36 restaurants across the Lone Star State and Midwest. Photo: DEBORAH CANNON, AP Photo: DEBORAH CANNON, AP Image 1 of / 8 Caption Close Tex-Mex love sending Chuy’s IPO higher 1 / 8 Back to Gallery

If you’ve been chowing down on Tex-Mex, you might think about purchasing some stock in Chuy’s.

The Austin-based Chuy’s, which has 36 restaurants across the Lone Star State and the Midwest (no joke), raised $76 million in its initial public offering, according to CNN Money.

The company, which is going under the stock ticker of CHUY, sold 5.8 million shares at $13 a piece, or roughly the same amount you’d pay for a basic margarita and a plate of chile rellenos.

The company has made a name for itself across Texas by selling classic Tex-Mex dishes at a relatively cheap price. Nearly all of the items on its menu are priced under the $10 mark, but like nearly every restaurant, the company said its success is still dependant on discretionary spending.

The company’s revenue grew by 28 percent to $37.5 million due to sales from new restaurants. Overall though, the company’s profit is down 70 percent as it expands its locations and trains a growing staff.

As CNN Money puts it, the Tex-Mex chain’s debut is another proof of the dismal performance of Facebook’s IPO.