Price rises above the expected range of $15 to $17 per share
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Noodles & Company set its initial public offering price late on Thursday at $18 per share, higher than the range of $15 to $17 per share expected earlier this week.
The Broomfield, Colo.-based company’s first estimate was between $13 and $15 per share, which would have raised an estimated $77.5 million at the high end.
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On Thursday, the company said it would be offering 5.4 million shares of Class A common stock at $18 per share, which would raise $96.4 million. Underwriters have the option to purchase up to an additional 803,571 shares to cover over-allotments, if any, the company said.
The shares will be traded on the Nasdaq Global Select Market under the ticker symbol “NDLS,” with trading expected to begin on Friday. Closing of the offering is expected on July 2.
The 343-unit fast-casual chain includes 291 company-owned locations and 53 franchise units across 26 states and the District of Columbia. At its current growth rate, the company estimates it will reach 2,500 restaurants over the next 15 to 20 years.
Contact Lisa Jennings at [email protected].
Follow her on Twitter: @livetodineout
