Sandwich maker Potbelly files for IPO of up to $75 million
(Reuters) - Sandwich maker Potbelly Corp, backed by private equity firm Oak Investment Partners, filed with U.S. regulators to raise up to $75 million in an initial public offering of common stock.
The Chicago, Illinois-based company, formed in 1977, also serves salads, milkshakes and baked cookies.
Potbelly told the U.S. Securities and Exchange Commission in a preliminary prospectus that BofA Merrill Lynch and Goldman Sachs were among the underwriters for the IPO.
The filing did not reveal how many shares the company planned to sell or their expected price. (link.reuters.com/daf72v)
Maveron Equity Partners is Potbelly's largest shareholder with more than 28 percent. ASP PSW LLC, managed by American Securities Capital Partners LLC, owns 12.9 percent and Oak Investment 12.2 percent.
Net proceeds from the offering would be used to pay a previously declared cash dividend and for working capital purposes.
The company reported net profit of $24 million on revenue of $274.9 million for 2012.
The company intends to list its common stock on the Nasdaq under the symbol "PBPB."
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Don Sebastian)