Potbelly Corporation, a US-based sandwich shop chain which owns and operates 288 shops across the USA, raised $105m in its initial public offering (IPO) of 7,500,000 shares priced at $14.00 per share. Potbelly’s backers include Maveron, a venture capital firm co-founded by Starbucks’ chief executive officer Howard Schultz, and venture capital firms Benchmark Capital and Oak Investment Partners.
The IPO launched on 4 October, with shares opening at $28.66 per share and closing the day at $28.12 per share.
Underwriters have a 30-day option to purchase up to 1,125,000 additional shares at the initial public offering price, less the underwriting discount.
BofA Merrill Lynch and Goldman Sachs are joint book-running managers, and Robert W. Baird, William Blair, and Piper Jaffray are co-managers.