McCormick & Schmick’s Seafood Restaurants Inc.’s shares saw a three-percent increase from its initial public offering price of $12 per share following its first day on the Nasdaq Stock Market Tuesday.
The Portland, Ore.-based company’s shares ended the day at $12.34. McCormick & Schmick, which recently opened a location in the Providence Biltmore hotel, has issued six million shares of its common stock and has granted to the underwriters an option to purchase up to an additional 900,000 shares of common stock to cover over-allotments, if any.
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Banc of America Securities LLC served as book-running manager of the offering. RBC Capital Markets, SG Cowen & Co. and Wachovia Securities served as co-managers.
