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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.
At the proposed rates, the IPO could raise from $160 million up to $218 million on the high end, in underwriter exercise share-purchasing options. In addition, according to a report from investment bank Renaissance Capital, which tracks IPOs, at the midpoint of the proposed range, First Watch “would command a fully diluted market value of $1.1 billion.”
First Watch, with a headquarters in east Manatee County, intends to use the proceeds from the proposed offering to repay nearly $300 million in debt. BofA Securities, Goldman Sachs, Jefferies, Barclays, Citi, Piper Sandler, Cowen, Guggenheim Securities, and Stifel are the joint bookrunners on the deal. The IPO is expected to price during the week of Sept. 27, 2021, according to the Renaissance Capital report.
First Watch Restaurant Group was founded in 1983 and had $490 million in revenue for the 12 months ended June 30.
Click here for more on the First Watch IPO.
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