According to a Reuters report, Sandwich chain Potbelly Corp had hoped that its initial public offering would set its share price around the USD9 to USD11. Should this would happen, the company would be raising USD82.5 million at best.

Potbelly, who goes under the trade name Potbelly Sandwich Works, is a privately-held company that sells submarine sandwiches across United States. It has its headquarters based in Chicago, Illinois and now has opened two franchise stores in Dubai as well.

Potbelly, in a US Securities and Exchange Commission filing back in August 2012, was seeking to raise USD75 million through an IPO. The proceeds from the IPO would be used to repay its debt and pay cash dividends worth USD50 million. William Blair and Piper Jaffray and Robert Baird & Co were among the underwriters, with Goldman Sachs and Bank of America Merrill Lynch acting as lead underwriters.

Potbelly would be selling most of 7.5 million shares its stakeholders own in the IPO. According to the company's IPO filing, majority of the stakeholders are American Securities Capital Partners LLC, Maveron Equity Partners and Oak Investment Partners.