Noodles Seeks to Raise $80 Million in 1st Restaurant IPO of 2013
Stock Chart for Noodles & Co (NDLS)
Noodles & Co. (NDLS), the restaurant chain offering pastas and soups in 26 U.S. states, seeks to raise more than $80 million in its initial public offering.
The company, which has more than 340 restaurants, is offering 5.36 million shares for $13 to $15 each, according to a regulatory filing today. Broomfield, Colorado-based Noodles plans to list on the Nasdaq Stock Market under the symbol NDLS. The IPO is scheduled to price on June 27, according to data compiled by Bloomberg.
Noodles, founded in 1995, would be the first restaurant company this year to go public after four completed IPOs in 2012, data compiled by Bloomberg show. Bloomin’ Brands Inc. (BLMN), owner of the Outback Steakhouse restaurant chain, raised $202 million in its initial share sale last year, including an overallotment. The shares of the Tampa, Florida-based chain have more than doubled since the company went public in August.
Noodles will use proceeds from the offering to reduce long-term debt to about $34 million, filings show. At the midpoint of the price range, Noodles would have a market value of $400 million.
The company’s long-term debt increased 21 percent to $93.7 million in 2012, as it added more than 40 restaurants. Noodles plans to add as many as 50 restaurants in 2013, according to the filing.
Catterton Partners, the private-equity firm that purchased Noodles in December 2010 for an undisclosed amount, will have a 37 percent stake in the company after the offering, the filing shows. Argentia Private Investments Inc., a Canadian investment company and the second-largest shareholder, will hold about 36 percent in the company after the offering.
Noodles is selling all of the shares in the offering, which is being led by Morgan Stanley and UBS AG.
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