Potbelly raises $105M from initial public offering - New York News

Potbelly raises $105M from initial public offering

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(SassyCrafter/Flickr) (SassyCrafter/Flickr)
CHICAGO (Associated Press) -

Potbelly has raised $105 million from its initial public offering of 7.5 million shares.

The restaurant operator that sells sandwiches, salads and milkshakes priced the offering at $14 per share. That was above the projected range of $12 to $13 each.

Potbelly is selling about 7.3 million shares. Certain stockholders are selling another 150,000 shares.

The Chicago company won't receive any proceeds from the shares sold by the selling stockholders.

The company said in a regulatory filing that it plans to use net proceeds to pay a previously declared dividend; to repay borrowings under a credit facility and for working capital and general corporate purposes.

Potbelly began in 1977 as a small antique store in Chicago. It now has 288 shops in 18 states and the District of Columbia.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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