Stock Groups

Naomi Osaka-backed Sweetgreen targets up to $2.7 billion valuation in IPO -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO: Naomi Osaka, Japan, celebrates her victory against Jennifer Brady, U.S.

(Reuters] – Sweetgreen Inc., backed by Naomi Osaka from tennis, said Tuesday it wanted a valuation in excess of $2.7 billion for its US initial public offering.

Los Angeles-based firm plans to sell 12.5 millions shares at $23 to $25 per share, with a goal to reach $312.5million.

Investor attention has been drawn to plant-based foods companies in recent years as people increasingly prefer healthy, sustainable food.

The majority of demand comes from millennials, generation Z customers who want to buy sustainable and healthy products.

Media reports claim that the company is valued at $1.8 million after it raised capital earlier in the year. T.Rowe Price and Lone Pine Capital are some of its investors.

Sweetgreen was established in 2007 and is expected to be listed on the New York Stock Exchange as the ticker symbol “SG”.

Goldman Sachs (NYSE:), J.P. Morgan, Morgan Stanley (NYSE:) and Allen & Company are among the underwriters for the offering.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by the exchanges. They are instead provided by market makers. As such, prices could be incorrect and different from market prices. This means that prices are only indicative and are not suitable for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]