Noodles & Co. Shares More Than Double on IPO
Jun 28th 2013 9:29PM
Updated Jun 28th 2013 9:30PM
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.
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