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Business Observer Tuesday, Sep. 7, 2021 1 year ago

Local breakfast dining concept files for IPO

The proposal will help First Watch repay outstanding credit borrowings.

SARASOTA — A daytime dining concept headquartered in Sarasota intends to repay outstanding credit borrowings after announcing it’s filed Form S-1 with the U.S. Securities and Exchange Commission (SEC). 

First Watch Restaurant Group Inc. announced Tuesday the initial public offering proposal of its common stock. The stock, FWRG, would be listed on the NASDAQ Global Select Market. 

The number of shares to be offered and price range for the proposed offering has not been determined, according to the press release. BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as lead book-running managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. The statement notes that while the registration has been filed, it’s not become effective yet. 

The IPO news comes after First Watch recently opened the doors to its new corporate headquarters in the University Town Center area in east Manatee County.   

First Watch operates nine restaurants in Sarasota and Manatee Counties and has grown its national footprint to more than 420 restaurants across 29 states.

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