This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.
Restaurant chain Noodles & Company (NASDAQ: NDLS) held its initial public offering (IPO) today, selling 5.4 million shares at $18 a share. The stock has since doubled, the first IPO of the year to double on its opening day.
The company priced the offering above an expected range of $15 to $17 a share, and anticipate proceeds of $96.4 million. Lead underwriters for the offering were Morgan Stanley and UBS and they have been granted an option on an additional 804,000 shares.
The fast-casual restaurant chain owns 343 stores and franchises in 26 states and the District of Columbia and the company’s management thinks it can expand to 2,500 stores in 15 or 20 years. The company posted revenue of $300 million in 2012 with profits of $16 million.
Catterton Partners owned 45% of the company prior to the IPO and now owns about 36.7%. An investment company owned by Canada’s Public Sector Pension Investment Board owned another 45% before the IPO and now holds 36.3%.
Noodles & Co. will compete in the same space as Chipotle Mexican Grill Inc. (NYSE: CMG) and privately held P.F. Chang.
Shares are trading at $36.34 in the mid-afternoon, up 101% from the $18 offering price.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.