Jerry's Famous Deli Inc. is going public.
The popular Studio City-based restaurant chain has filed a registration statement with the Securities and Exchange Commission outlining plans to sell 2.415 million shares of common stock at $6.50 apiece, for a total of $15.7 million. An additional 1.07 million shares will be offered by certain shareholders and an independent director of the company.
Founded in 1978 with its flagship Studio City restaurant, Jerry's has since added delis in Encino, Marina del Rey and West Hollywood.
The company plans to use the money raised in the stock sale to repay debt and to open more restaurants in Southern California, including in Westwood, Pasadena and other areas.
According to the SEC filing, Jerry's had a $913,482 profit on revenue of $28.6 million in 1994. As of last March, its long-term debt totaled $1.84 million.