Zoe's Kitchen Prices IPO At $15/Shr, At High End Of The Revised Range

(RTTNews) - Zoe's Kitchen Inc., a fast casual Mediterranean restaurant chain, announced that it has priced initial public offering of 5.83 million common shares at $15.00 per share, which is the top end of the revised range of $13.00 to $15.00.

In the amended filing with the SEC, the company initially had planned to offer 8.33 million shares in the range of $11.00 -$13.00 per share.

Zoës Kitchen has granted the underwriters a 30-day option to buy additional 874,999 shares to cover over-allotments.

The Birmingham, Alabama-based company shares to begin trading on April 11, 2014 on the New York Stock Exchange under the ticker symbol "ZOES."

Jefferies LLC, Piper Jaffray & Co. and Robert W. Baird & Co. Incorporated are acting as joint book-running managers for the offering. William Blair & Company, L.L.C., Stephens Inc. and Stifel are acting as co-managers for the offering.

Zoe's was founded in 1995 by Zoe and Marcus Cassimus in Birmingham and expanded the restaurant base from 21 restaurants in seven states in 2008 to 111 restaurants in 15 states as of February 24, 2014. The company planned to open 28 to 30 restaurants in 2014 and expects to double its restaurant base in the next four years.

For the year ended December 2013, the sales jumped to $116.4 million from the prior year's $79.7 million in 2012, according to the filing.