First Watch Restaurant Group, which operates daytime casual-dining restaurants in the US, raised $170 million by offering 9.5 million shares at $18, slightly below the midpoint of the $17 to $20 range.
Backed by Advent International, 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.
First Watch Restaurant Group plans to list on the Nasdaq under the symbol FWRG. BofA Securities, Goldman Sachs, Jefferies, Barclays, Citi, Piper Sandler, Cowen, Guggenheim Securities, and Stifel acted as joint bookrunners on the deal.
