Noodles & Company raised the expected price range for its initial public offering on Tuesday to between $15 and $17 per share, which could generate up to $89 million, according to filings with the U.S. Securities and Exchange Commission.
Earlier this month, Broomfield, Colo.-based Noodles & Company set its price range at between $13 and $15 per share, which would have raised an estimated $77.5 million at the high end.
The IPO is slated for Friday on the Nasdaq Global Select Market under the symbol NDLS.
With the offering of about 5.4 million shares of common stock, the mid-price IPO of $16 per share will net about $77 million, the company said in SEC filings. If the underwriters exercise the option to purchase additional shares, the estimated net proceeds will be about $89 million.
The company said it plans to devote about $76 million toward repaying debt.
Founded in 1995, Noodles & Company has grown to 343 restaurants, including 291 company-owned locations and 53 franchise units across 26 states and the District of Columbia. At its current growth rate, the company has projected it will reach 2,500 restaurants over the next 15 to 20 years.
Noodles & Company is owned by private-equity firm Catterton Partners, along with Canadian pension investment board Argentia Private Investments Inc.