Potbelly Sandwich Shop is showing investors have not lost their appetite for quick casual restaurant stocks. Shares spiked more than 130 percent, to just under $33, when they began trading Friday morning.
They closed at $30.77, up 120 percent for the day.
This comes after Potbelly priced its initial public offering at $14 a share, up from the forecast range of $12 to $13. The company will raise $105 million from the IPO of 7.5 million shares. The Chicago-based chain plans to use the proceeds to fund its expansion to more markets.
Potbelly, which started in 1977, has 295 stores, most of them in the Midwest and on the East Coast. They sell sandwiches and salads priced at between $6 and $8.