Industry News | November 18, 2002

Cosi Sandwich Shops IPO Set For Friday

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Cosi, Inc., a New York-based fast-casual chain, will be making an initial public offering this Friday in an attempt to raise some $50 million.

Pricing for the 5.6 million shares, which will be determined Thursday, is expected to be in the $8 to $10 range. The IPO was filed back in March of this year.

Cosi will be listed under the symbol COSI on the NASDAQ exchange.

Cosi has reported negative earnings since its inception in 1997. Most recently, net income for 2001 was -$35.4 million on revenues of $70.2 million. A loss of $4.2 million was posted in the first quarter of 2002 on revenues of $18 million.

Cosi has 79 sandwich shops in 11 states in the Northeast and Midwest and the District of Columbia.

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