Zoe's Kitchen, which operates 111 fast-casual restaurants serving Mediterranean-inspired comfort food, announced terms for its IPO on Monday. The Birmingham, AL-based company plans to raise $70 million by offering 5.8 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Zoe's Kitchen would command a fully diluted market value of $221 million.
Zoe's Kitchen, which was founded in 1995 and booked $116 million in sales for the year ended December 31, 2013, plans to list on the NYSE under the symbol ZOES. Zoe's Kitchen initially filed confidentially on December 30, 2013. Jefferies, Piper Jaffray and Baird are the joint bookrunners on the deal.
