Stock Groups

Salad chain Sweetgreen valued at $5.5 billion as shares soar in New York debut -Breaking

by Mike Robinson

[ad_1]

© Reuters. To celebrate Sweetgreen’s IPO celebration, the Sweetgreen logo was displayed on a banner on the New York Stock Exchange’s front façade in New York City. It is on November 18th, 2021. REUTERS/Shannon Stapleton

(Reuters) – Shares in Sweetgreen Inc surged 86% after their initial public offering. The stock market debut saw a large increase and the company was valued at $5.53billion.

Los Angeles-based shares of the company opened at $52 compared with $28 a share for its IPO. This was far higher than their target price range between $23 to $25.

Sweetgreen sold 13 million shares on Wednesday to raise $364 million, up from its original plan of 12.5million.

Three college-educated graduates founded the company in 2007 and it now has 140 locations in 13 US states. It serves “earth-friendly” cuisine made from seasonal, local ingredients.

Sweetgreen filed an IPO report stating a $87 million loss on $243.4m in revenues for the nine month ended September. That compares with a $100 million loss on $161.4m revenue a year prior.

J.P. Morgan and Goldman Sachs (NYSE 🙂 were the main underwriters of Sweetgreen’s IPO.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. 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]