Well, the sandwiches are delicious. But it’s not just meatball subs that’s getting Wall Street excited about PotBelly Sandwich Shop.
Shares of the Chicago-based company soared in a stock market debut today, jumping more than 130 percent to $32.76. The stock priced at $14 per share, above the previously stated range.
So, why might you ask are we writing about a Chicago sandwich shop? Well, the largest backer of the company happens to be Maveron, the Seattle venture capital firm founded by former investment banker Dan Levitan and Starbucks Chairman Howard Schultz.
In fact, after the offering, Maveron maintained 20.7 percent of the voting power in the company. Levitan has served on the sandwich maker’s board since 2001. Other large shareholders include ASP (9.2 percent); Oak Investment Partners (8.6 percent); Oxford Blackpoint (5.6 percent) and Benchmark (5.5 percent).
Maveron’s 5.8 million shares are now worth about $190 million.
Founded in 1977 and now boasting 286 stores nationwide, Potbelly raised $105 million in the public offering. It is now traded on the Nasdaq under the ticker “PBPB.” The company posted revenues of $274.9 million last year, and net income of $13.5 million. PotBelly S-1 here.