Noodles & Company said it has filed with the U.S. Securities and Exchange Commission to raise up to $75 million in an initial public offering. The company did not specify the number of shares to be sold and the price range for the proposed offering.
The Proposed Nasdaq Global Select Market or New York Stock Exchange symbol will be NDLS.
Noodles & Company is a high growth, fast casual restaurant concept offering lunch and dinner within a fast growing segment of the restaurant industry. It was founded by Aaron Kennedy when it opened its first location in Denver, Colorado in 1995, offering noodle and pasta dishes, staples of many cuisines, with the goal of delivering fresh ingredients and flavors from around the world under one roof—from Pad Thai to Mac & Cheese.
It has 339 restaurants, comprised of 288 company-owned and 51 franchised locations, across 25 states and the District of Columbia, as of April 30, 2013. The company's revenue and income from operations have grown from $170 million and $2 million in 2008 to $300 million and $16 million in 2012, representing CAGRs of 15.2% and 67.5%.
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