Einstein Noah Restaurant Group, owner and operator of three brands of bagel specialty restaurants, priced 5.0 million shares at $18, a -10% discount to the midpoint of its proposed $19-$21 range. After paying down debt with the proceeds, the company hopes to continue upgrading its restaurants to improve customer throughput and further penetrate existing markets with its franchise model. Morgan Stanley and Cowen & Co. were the joint book runners on the deal. Expect the stock to begin trading today on the NASDAQ under the symbol "BAGL."
