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Posted on Sep 20, 2013

Potbelly Sandwich to Issue Initial Public Offering

Chicago-based sandwich purveyor Potbelly Corp recently filed with the U.S. Securities and Exchange Commission to raise money through an initial public offering.  Reuters reports that Potbelly is attempting to raise up to $75 million through the IPO.  Bank of America, Merrill Lynch, and Goldman Sachs are all amongst the underwriters for the IPO, listed in a preliminary prospectus given to the SEC. Maveron Equity Partners is the largest single shareholder of Potbelly, owning over 28 percent, with ASP PSW LLC and Oak Investment second and third. Potbelly, which currently operates nearly 300 locations throughout the US and opened its first location in 1977, reported profits of $24 million and revenue of $274.9 million in 2012.  One of the best sources for details on the the health of the potbelly franchise system, its unit growth, and its expansion plans is a review of the Potbelly Franchise Disclosure Document, which can be found here.

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