Oct. 04--Potbelly Corp. has raised $105 million in its initial public offering, pricing its shares above already high expectations.
The Chicago sandwich chain and its stockholders sold 7.5 million shares at $14 apiece after offering them for between $12 and $13.
Shares are expected to begin trading today on the Nasdaq under the symbol "PBPB." Companies in their market debut typically start trading around 10 a.m. central time.
Potbelly is hoping to catch the wave of successful quick service restaurant IPOs. Stock in Noodles & Co. has more than doubled since its June debut, which also priced above expectations.
Potbelly started in 1977 with a single location on Lincoln Ave. The original owner sold that spot in 1996 to an entrepreneur who grew the chain into 100 stores within 9 years and 200 three years after that.
Potbelly currently has 286 locations.
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Original headline: BRIEF: Potbelly raises $150 million in IPO
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