Restaurant company could hit $1 billon valuation with IPO

UNIVERSITY PARK — First Watch Restaurant Group announced the pricing of shares for its upcoming IPO Wednesday, which could value the company at more than $1 billion.

The company, according to a statement, “has commenced the roadshow for its proposed initial public offering.” It plans to sell 9,459,000 shares, priced between $17 and $20 per share. First Watch also intends to grant underwriters a 30-day option to purchase up to an additional 1,418,850 shares of common stock. It’s stock will be on the Nasdaq, under the ticker symbol FWRG.