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IPO raises $234 million

Tuesday, Aug. 9, 2005 | 9:18 a.m.

Ruth's Chris Steak House Inc., which operates a chain of steakhouse restaurants, raised $234 million in an initial public offering as investors at a buyout firm sold some of their shares. The stock rose as much as 28 percent as it began trading today.

The company sold 13 million at $18 each, according to a filing with the U.S. Securities and Exchange Commission. Metairie, La.-based Ruth's is selling 9.4 million shares and stockholders 3.6 million. The stock began trading today under the symbol "RUTH" on the Nasdaq Stock Market.

Madison Dearborn Partners LLC, a Chicago-based buyout firm, is reducing its holdings in the company to about 34 percent from 79 percent. If the offer is oversubscribed, Madison Dearborn would sell another 3.5 million shares and own a 25 percent stake.

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