First Watch Restaurant Group, which owns and franchises daytime casual-dining restaurants in the US, announced terms for its IPO on Wednesday.
The Bradenton, FL-based company plans to raise $175 million by offering 9.5 million shares at a price range of $17 to $20. At the midpoint of the proposed range, First Watch Restaurant Group would command a fully diluted market value of $1.1 billion.
First Watch is a daytime restaurant concept that serves made-to-order breakfast, brunch, and lunch. As of June 27, 2021, it had 423 restaurants across 28 states, 335 of which were company-owned and 88 operated by its franchisees. In the FY20 and the 1H21, it opened 42 and 18 System-wide restaurants, respectively, and it recorded same-restaurant sales growth of 16% in the 2Q21.
First Watch Restaurant Group was founded in 1983 and booked $490 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol FWRG. BofA Securities, Goldman Sachs, Jefferies, Barclays, Citi, Piper Sandler, Cowen, Guggenheim Securities, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of September 27, 2021.
