Noodles and Company Closes 1st Day of IPO at 104.2%
Noodles and Company closed its first day of trading stocks at 104.2%, one of the United States IPOs' highest first-day returns since 2001. The company's IPO, where shares were initially between $13 and $15, was priced at $18 per share on June 27, with the company netting $100.4 million.
Out of this earning, the company intended to pay $85.9 million of its long-term debt, resulting in savings of about $3 million. The total amount of loan was $100.3 million.
In addition, for 2013, Noodles and Company's planned to open between 38 and 42 locations owned by the company. In addition, it planned to open 6 to 8 franchise locations to increase brand awareness in places where it does not intend to direct invest in.
Argentia Private Investments and Catterton Partners, which acquired Noodles and Company's in December 2010, received a special dividend worth $400,000 in connection to the IPO, while no dividends would be paid out.