The Broomfield-based company plans to offer 5,357,143 shares of stock in the IPO. If the per-share offering price is $15, the company expects to net $5.7 million more than the estimate, according to SEC documents. If the shares sell at $13 per share, the company would net $5.7 million less. Noodles filed an IPO registration statement last month but did not say how many shares it planned to offer or at what price.
Of the money raised, the company plans to use $66 million to repay money it borrowed under an existing credit facility. The credit facility has a balance of about $100.3 million, including $73.5 million outstanding under a senior loan.
Noodles plans to trade on the Nasdaq stock exchange under the symbol NDLS. The company plans to grow rapidly to 2,500 restaurants around the United States in the next 15 to 20 years. Noodles reported that it had 327 open restaurants at the end of 2012.
The company will have two types of common stock after the IPO: Class A and Class B stock, according to documents. The two types of stock will be the same, other than that holders of Class B shares will not be allowed to vote on the election or removal of the company’s board of directors, unless they convert their Class B shares to Class A shares on a share-for-share basis.
Company revenue grew to $300 million in 2012 from $170 million in 2008, a compound annual growth rate of 15.2 percent. Company income grew to $16 million in 2012 from $2 million in 2008, a 67.5 percent annual growth rate, according to documents.
The first Noodles & Co. restaurant opened in 1995, and the company was headquartered in Boulder before moving to Broomfield. Connecticut private equity firm Catterton Partners is the majority owner of the company. Noodles has about 90 employees its headquarters in Broomfield and about 6,500 employees nationwide.