Shares of Noodles & Co (NASDAQ:NDLS) are soaring in their first day of trading on the Nasdaq. The IPO for the fast-casual restaurant opened for trading at $32 after pricing 5,357,143 shares at $18, above the expected $15-$17 range.
Most IPOs have struggled this week as recent volatility and declines in the stock market sapped investors’ risk appetite. The Standard & Poor’s 500-stock index is on pace to post its first monthly decline since October.
Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint book-running managers for the IPO. Merrill...
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