Chicago-based sandwich shop Potbelly will soon be a publicly-traded company. The company announced terms for its IPO on Monday.
Potbelly expects its IPO to be priced between $9-$11 per share, which will raise around $75 million for the company. Most of the proceeds (~$50 million) will be used to pay current investors a previously declared cash dividend. The remainder will be used for working capital.
Its shares will trade on the NASDAQ under the uninspiring symbol "PBPB" (was "POTB" unavailable or something?).
Potbelly currently has 295 restaurants (only 7 of which are francished) in 18 states and the District of Columbia. It also has 12 franchised locations in the Middle East. It plans to open 32-35 company-owned locations this year along with 10 franchised locations. Over the long term, it plans to grow the number of restaurants at least 10% annually.
The company has seen steady sales growth over the last few years, as you can see here:
2013: $146.9m (through the first half)
Potbelly is profitable too. It reported operating income of $5.6 million and generated $25.1 million in operating cash flow in 2012.
See the S-1 filing here.
So will you be investing in Potbelly (PBPB) once it goes public? Or will you be staying away? Chime in below.