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REFILE-Shares of sandwich chain Potbelly more than double in debut
October 4, 2013 / 2:18 PM / 4 years ago

REFILE-Shares of sandwich chain Potbelly more than double in debut

Oct 4 (Reuters) - Shares of sandwich chain Potbelly Corp more than doubled in their debut on Friday, valuing the seller of toasted sandwiches, salads, shakes and cookies at about $862 million.

The restaurant chain, whose largest shareholder is Starbucks Corp Chief Executive Howard Schultz, raised about $105 million after pricing its offering of 7.5 million shares at $14 per share, just above its expected price range.

The shares traded on Friday as high as $31.98.

Potbelly’s 295 outlets are mostly concentrated in the Midwest, although it is also a popular fast meal in Washington D.C., where it has a cluster of outlets within a few blocks of the White House.

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