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Looking for green: Salad chain Sweetgreen sets terms for $300 million IPO

November 9, 2021

Sweetgreen, which operates a chain of fast casual salad restaurants, announced terms for its IPO on Tuesday.

The Los Angeles, CA-based company plans to raise $300 million by offering 12.5 million shares at a price range of $23 to $25. At the midpoint of the proposed range, Sweetgreen would command a fully diluted market value of $2.9 billion.

Sweetgreen states that it is one of the fastest-growing restaurant companies in the US by revenue. As of September 26, 2021, the company owned and operated 140 restaurants in 13 states and Washington, DC, and it grew its restaurant presence at a 27% CAGR from 2014 to 2020.

Sweetgreen was founded in 2006 and booked $303 million in sales for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol SG. Goldman Sachs, J.P. Morgan, Allen & Company, Morgan Stanley, Citi, Cowen, Oppenheimer & Co., RBC Capital Markets, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of November 15, 2021.