Sandwich chain Potbelly expects IPO priced at $9-$11 per share


Sept 23 (Reuters) - Sandwich chain Potbelly Corp expects itsinitial public offering to be priced at between $9 and $11 pershare, raising as much as $82.5 million.

Potbelly, which operates 280 shops across the United States, will have a market valuation of $280 million at the mid-pointof its expected price range.

The company is selling most of the 7.5 million shares in theIPO.

Maveron Equity Partners, American Securities CapitalPartners LLC and Oak Investment Partners are among Potbelly'smajority shareholders, according to the company's IPO filing. ()

The company had in August filed with the U.S. Securities andExchange Commission to raise up to $75 million through its IPO.

Potbelly, which will list its shares on the Nasdaq under thesymbol "PBPB", will use proceeds from the offering to pay a cashdividend of about $50 million and to repay debt.

BofA Merrill Lynch and Goldman Sachs are the leadunderwriters to the offering. Robert Baird & Co, William Blairand Piper Jaffray are also among the underwriters.


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