The company, which also boasts Starbucks founder Howard Schultz as an investor, has asked Goldman Sachs and Bank of America to lead the listing according to Reuters.
New York-based buyout house American Securities bought into the company in 2006.
Potbelly has more than 260 shops across 16 US states and last year expanded to the Middle East by opening a store in Dubai.
American Securities closed its sixth private equity fund on $3.64bn earlier this year, trouncing its $3bn target and comfortably eclipsing the $2.33bn it gathered for its predecessor.
American Securities Partners VI will primarily invest in businesses with $500m to $2bn of revenues and $50m to $200m of EBITDA, the firm said.
It added that investments are undertaken with conservative financial structures that typically include only equity and senior debt, with the aim of investing $150m to $500m of equity in each portfolio company.
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