Zoe’s prices i.p.o. at high end of range
PLANO, TEXAS — Zoe’s Kitchen, a fast casual restaurant concept serving a menu of Mediterranean-inspired dishes, priced its initial public offering at $15 on April 10, valuing the restaurant chain at about $276 million. Zoe’s i.p.o. raised $87.5 million after 5.83 million shares of common stock were priced at the upper-end of its expected price range of $13 to $15. The shares were expected to begin trading on April 11 on the New York Stock Exchange under the ticker symbol “ZOES.” The closing of the offering is expected to occur on April 16, subject to the satisfaction of customary closing conditions. Zoe’s was founded in 1995 by Zoe and Marcus Cassimus in Birmingham, Ala. The company has grown from 21 restaurants, including five franchised locations, across seven states in 2008 to 111 restaurants, including six franchised locations, across 15 states as of Feb. 24. In 2013, Zoe’s opened 27 restaurants, and the company plans to open 28 to 30 restaurants in 2014.