Shares of Noodles & Co., a fast-casual restaurant concept offering noodles, pasta, soups, salads and sandwiches in the lunch and dinner dayparts, have been soaring since the company’s stock began trading on the Nasdaq on June 28.
The company raised $96.5 million in its initial public offering after pricing 5,357,143 Class A common shares at $18 per share on June 27. The company’s stock, trading under the ticker “NDLS,” more than doubled in price on June 28, climbing to a high of $39.70 before closing at $36.75. Momentum continued this week, with the stock price approaching $52 per share on July 2.
Founded in 1995, Noodles & Co. has 288 company-owned and 51 franchised locations across 25 states and the District of Columbia. In its i.p.o. filing, the company noted it believes it can grow to 2,500 restaurants across the United States over the next 15 to 20 years if it continues to grow at its current rate.
Income from operations for the company was $16.1 million in 2012, up 34% from $12 million in 2011 and compared with $2 million in 2008. Revenues, meanwhile, climbed to $300.4 million in 2012, up 17% from $255.1 million in 2011 and compared with $170 million in 2008.
“We believe we are the only national fast-casual restaurant concept offering a menu with a wide variety of noodle and pasta dishes, soups, salads and sandwiches inspired by global flavors,” the company noted in its May 23 i.p.o. filing. “We believe our combination of attributes — global flavors and variety and fast service — allows us to compete against multiple segments throughout the restaurant industry.”
