Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Potbelly Raises $105 Million Pricing IPO Above Increased Range

Oct. 4 (Bloomberg) -- Potbelly Corp., the Chicago-based purveyor of made-to-order toasted sandwiches, raised $105 million in a U.S. initial public offering, pricing its shares above an increased range.

The company and existing stockholders sold 7.5 million shares for $14 each, according to data compiled by Bloomberg, after offering them for $12 to $13. The company raised the range Oct. 2 after initially setting it at $9 to $11. The shares, equivalent to about a 27 percent stake, will start trading today, listed on the Nasdaq Stock Market under PBPB.

Potbelly has been expanding in cities from Portland, Oregon, to New York and expects to open as many as 35 new shops this year, according to its prospectus. The company plans to use proceeds from the offering to support this growth, in addition to funding a dividend and paying back loans.

Noodles & Co.’s shares more than doubled through yesterday since the quick-service chain started trading in June. The Bloomberg U.S. Quick Service Restaurant Index, which includes companies such as McDonald’s Corp. and Yum! Brands Inc., has advanced 35 percent this year, almost double the 18 percent gain in the Standard & Poor’s 500 Index.

Potbelly began in 1977 as an antiques store that provided sandwiches and desserts to customers to boost sales. Revenue was $146.9 million in the first six months of 2013, an increase of 12 percent from a year ago, the filing shows.

At the midpoint of the boosted price range, Potbelly would be valued at about $350.1 million, data compiled by Bloomberg show. The company sold 7.35 million shares, according to the original terms of the prospectus, while existing stockholders including affiliates of William Blair & Co. sold the rest.

Potbelly plans to use the funds from the offering to pay a $49.9 million dividend on shares of common and preferred stock outstanding on the day before the offering closes, according to the filing. Executive officers, directors and owners will receive about 86 percent of the dividend.

Bank of America Corp. and Goldman Sachs Group Inc. led the IPO.

To contact the reporters on this story: Leslie Picker in New York at; Leslie Patton in Chicago at

To contact the editor responsible for this story: Jeffrey McCracken at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.