Noodles may be inexpensive food items, but they're producing riches for some investors. The stock of pasta-purveying restaurant chain Noodles & Company doubled, and then some, on the company's IPO today. Offered to the market at $18.00 apiece, the firm's shares closed the day at $36.75.
All told, the company unloaded nearly 5.36 million shares of common stock in its debut. The joint book-running managers of the issue were Morgan Stanley and the Securities unit of UBS.
Currently, Noodles & Company has 343 restaurants open across the country, 52 of which are franchised. In its fiscal 2012, the company posted revenue of just over $300 million, and a net profit of $5.2 million. Those figures were $256 million and $3.8 million, respectively, in 2011.
The article Noodles & Co. Shares More Than Double on IPO originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.