Potbelly, which operates "antique" sandwich shops in the US, announced terms for its IPO on Monday. The Chicago, Il-based company plans to raise $75 million by offering 7.5 million shares (2% insider) at a price range of $9 to $11. At the midpoint of the proposed range, Potbelly would command a fully diluted market value of $285 million.
Potbelly, which was founded in 1977 and booked $290 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol PBPB. Potbelly initially filed confidentially on November 13, 2012. BofA Merrill Lynch and Goldman Sachs are the joint bookrunners on the deal.
