Behind the scenes of a $100 million IPO launch

FIrst Watch seeks to capitalize on internal momentum and positive external factors in going public.

By Mark Gordon
| 6:50 a.m. September 16, 2021
| 0 Free Articles Remaining!

File. Sarasota native Chris Tomasso joined First Watch in 2006, as chief marketing officer. He was named president in 2017 and CEO in 2019.

Strategies

Breakfast-brunch-lunch concept First Watch is hungry for a piece of the sizzling hot IPO market.

The company, founded in 1983 and based in east Manatee County, aims to raise at least $100 million with an initial public offering, according to public filings. The IPO, for which the proceeds will be used to repay some $294 million in debt, could happen in the next month or so. The stock will be traded on the Nasdaq exchange under the symbol FWRG, for First Watch Restaurant Group. Boston-based private equity firm Advent International is the company’s majority owner.