Potbelly Corp, the company that sells made to order toasted sandwiches, had raised nearly USD105 million in its IPO in the United States. The share prices were above the top range of the market price.
The IPO saw 7.5 million shares sold for USD14, according to data collated by Bloomberg. The initial pricing offer for the share prices were between USD12 and USD13 per share after the pricing was pegged between USD9 and USD11 per share. The share prices were equivalent to a 27% share stake and would be traded on the bourse starting tomorrow, listed in the Nasdaq as PBPB.
Potbelly had been expanding into key cities located in Portland, OR and New York, NY. It is expected to open about thirty five new stores this year. The prospectus also stated that the proceeds from the offer would be used to fund growth as well as pay for a dividend and existing back loans.
At the midpoint range of the share prices, Potbelly would be valued at USD350,1 million according Bloomberg compiled data. The company had sold 7.35 millions shares, including shares from its affiliates William Blair and Co.
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