Sept 23 Sandwich chain Potbelly Corp expects its
initial public offering to be priced at between $9 and $11 per
share, raising as much as $82.5 million.
Potbelly, which operates 280 shops across the United States,
will have a market valuation of $280 million at the mid-point
of its expected price range.
The company is selling most of the 7.5 million shares in the
Maveron Equity Partners, American Securities Capital
Partners LLC and Oak Investment Partners are among Potbelly's
majority shareholders, according to the company's IPO filing. ()
The company had in August filed with the U.S. Securities and
Exchange Commission to raise up to $75 million through its IPO.
Potbelly, which will list its shares on the Nasdaq under the
symbol "PBPB", will use proceeds from the offering to pay a cash
dividend of about $50 million and to repay debt.
BofA Merrill Lynch and Goldman Sachs are the lead
underwriters to the offering. Robert Baird & Co, William Blair
and Piper Jaffray are also among the underwriters.