Noodles & Company said in a regulatory filing Monday that it expects to price its initial public offering between $13.00 and $15.00 per share. The company is offering 5,357,143 shares of its Class A common stock.
The company stated that it has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol NDLS.
The company said it expects to use approximately $66.0 million of the net proceeds from this offering to repay borrowings under our credit facility.
The company said following this offering, it will have two classes of outstanding common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except that Class B common stock does not vote on the election or removal of directors unless converted on a share-for-share basis into Class A common stock.
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 343 restaurants, comprised of 291 company-owned and 52 franchised locations, across 26 states and the District of Columbia, as of May 28, 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.
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