Noodles & Co. expects IPO price of $13 to $15 a share
Fast casual chain Noodles & Co. expects its initial public offering to price at $13 to $15 a share, the company said in a regulatory filing Monday.
The Broomfield, Colo., business said it expects $67.1 million in proceeds if shares are priced in the middle of the range at $14 a share. If underwriters choose to purchase additional shares, Noodles & Co. could raise $77.5 million, it said.
The company is offering nearly 5.4 million shares of Class A common stock, it said in a document filed with the Securities and Exchange Commission. The chain plans to trade publicly on the Nasdaq exchange under the NDLS ticker.
In addition to noodles, the company serves pasta, soups, salads and sandwiches at 343 restaurants in 26 states and Washington, D.C. The average customer spends $8 per meal.
The company owns 291 locations. From 2004 to 2012, the number of the restaurants tripled to 327 from 100, according to the filing.
This year, Noodles & Co. said it expects to open up to 42 more company-owned eateries and as many as eight franchised spots.
In California, the chain has a smattering of locations clustered around Sacramento and San Diego.
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