NEW YORK (AP) — A Mediterranean-style restaurant chain, a maker of animal nutritional supplements and the owner of natural gas and oil pipelines rose in their stock market debuts Friday.
Of the three, eatery chain Zoe's Kitchen had the largest gain. Its shares rose nearly 65 percent.
Investors have had a healthy appetite for initial public offerings from fast-casual restaurant companies. Shares of sandwich chain Potbelly Corp. more than doubled in their debut in October, but are now trading closer to the company's IPO price of $14. Shares of pasta chain Noodles & Co. are up 97 percent since the stock started trading at $18 in June.
Here's how the three companies that went public fared:
ZOE'S KITCHEN INC.
The fast-casual restaurant chain serves Mediterranean-style food, such as Greek salad, chicken kabobs and pita bread with hummus, in its 110 eateries around the country. Zoe's Kitchen raised $87.5 million after pricing more than 5.8 million shares at $15 per share, at the middle of its expected range between $13 per share and $15 per share. The Plano, Texas, company plans to use the cash to pay debt and open new restaurants. Its stock, which is trading on the New York Stock Exchange under the ticker symbol "ZOES," rose $9.72, or 64.8 percent, to close at $24.72.
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