Potbelly Goes Public with $75 Million IPO
Potbelly, the Chicago-based sandwich shop with nearly 300 locations nationwide, announced last week that they would be going public, with a $75 million initial public offering of stock.
According to Nation’s Restaurant News, the chain will be trading on the Nasdaq Global Select Market under the symbol PBPB. The number of shares that will be offered, the expected per-share offering price, and a date for the IPO have not yet been released.
The original Potbelly opened on Chicago’s Lincoln Avenue in 1977, and was sold to Bryant Kiel in 1996. Within nine years Kiel had expanded its footprint out to 100 locations, and 200 locations by 2008. Now run by Aylwin Lewis, it’s on track to open its 300th location this year. The chain specializes in toasted sandwiches, and now has locations in 18 states, Washington D.C., and 12 in the Middle East. In 2012, total revenue increased 15.5 percent, to $274.9 million.