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.
PHIBRO ANIMAL HEALTH CORP.
The company makes nutritional supplements for farm animals such as pigs, cows and fish. The supplements prevent diseases and improve their health. The Teaneck, N.J. based company raised $176.5 million after pricing nearly 11.8 million shares at $15 per share, below its expected range between $16 per share and $18 per share. Phibro will use the money to pay off some debt. Its shares, which are trading on Nasdaq stock market under the ticker symbol “PAHC,” rose $2, or 13.3 percent, close at $17.
ENABLE MIDSTREAM PARTNERS LP
The Oklahoma City company owns, operates and develops natural gas and oil pipelines. It raised $500 million after pricing 25 million units at $20 each, at the middle of its expected range between $19 per unit and $21 per unit. Enable Midstream, which is a limited partnership formed by CenterPoint Energy Inc., OGE Energy Corp. and ArcLight Capital Partners, plans to use the money raised to pay for fees related to contracts and other general corporate uses. Units of Enable Midstream, which are trading on the NYSE under the ticker symbol “ENBL,” rose $2.20, or 11 percent, to close at $22.20.