First Watch Restaurant Group (FWRG) IPO Opens 17% Higher, Valuing Co. at $1.15B
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Today's IPO for First Watch Restaurant Group, Inc. (NASDAQ: FWRG) opened for trading at $21 after pricing at $18, the lower end of the expected $19-$21 range.
The valuation is ~$1.15 billion based on the opening price.
First Watch is an award-winning daytime restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. Since its founding in 1983, the Company has cultivated its brand on its commitment to operational excellence, “You First” culture and a culinary mission centered around a fresh, innovative menu that is continuously evolving.
Barclays Capital Inc., Citigroup Global Markets Inc., Piper Sandler & Co., Cowen and Company, LLC, Guggenheim Securities, LLC and Stifel, Nicolaus & Company, Incorporated are acting as book-running managers for the offering.
First Watch Restaurant Group generated revenues of $281.1 million for 26 weeks ended June 27. For the entire 2020 year, the company reported revenue of $342.3 million. Net loss amounted to $49.6 million in 2020, while for the first six months of the year net income stood at $1.8 million.
Consistently delivered same-restaurant sales growth, averaging 6.3% annually. Starting in March 2021, the company began to consistently report positive same-restaurant sales growth measured against pre-COVID results, including 5.9%, 13.4%, 14.8% and 19.7% same-restaurant sales growth in March, April, May and June of 2021, respectively, relative to March, April, May and June of 2019, respectively.
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Create E-mail Alert Related CategoriesIPOs
Related EntitiesStifel, Citi, Barclays, Cowen & Co, IPO, Guggenheim
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