Potbelly, which operates 295 antique-themed sandwich shops in the US, raised the proposed deal size for its upcoming IPO on Wednesday. The Chicago, IL-based company now plans to raise $94 million by offering 7.5 million shares (2% insider) at a price range of $12 to $13. The company had previously filed to offer 7.5 million shares at a range of $9 to $11. At the midpoint of the revised range, Potbelly will raise 25% greater proceeds than previously anticipated.
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. It is expected to price during the week of September 30, 2013.
