It’s an interesting time for financial markets and for the food service industry. As restaurants have seen a surge in dine-in requests, more companies operating either within or as a component of the sector have opted to go public. This past month has seen both drive-in coffee chain Dutch Bros (NASDAQ:BROS) and restaurant technology provider Toast (NYSE:TOST) go public. Yesterday brought attention to coffee stocks. Today, another company operating with the space has opted to join these ranks as restaurant chain First Watch has announced the pricing for its IPO. FWRG stock is here.
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Based in Bradenton, Florida, First Watch will begin trading on the Nasdaq today under the symbol FWRG. The company offered up 9.459 million shares of Class A common stock to the general public with a price point of $18 per share. In addition, underwriters will be granted a 30-day option to purchase an additional 1,418,850 shares at the IPO price. It is expected that the offering will close on Tuesday, Oct. 5. Last week, analysts indicated that the company could be valued as highly as $1 billion.
What is this company opting to go public at a turbulent economic time? Let’s find out.
FWRG Stock: What to Know about the First Watch IPO
- First Watch may be based in Florida, but its business covers 28 other states such as Georgia, Alabama and South Carolina. Since 2015, it has added 146 restaurants to its portfolio, adding to a grand total of 423. Florida does account for 99 of these locations.
- The first restaurant was opened in Pacific Grove, California in 1983.
- The company was founded by Kenneth Penderey Jr., an industry leader with years of experience creating and building restaurant brands. Current CEO and President Christopher Tomasso boasts more than 22 years of industry experience, including serving as the company’s Chief Marketing Officer.
- For the customers looking to try First Watch’s meals at home, the company has produced a cookbook with over 60 recipes.
- Customers and food lovers around the country can keep up with First Watch on Instagram. In addition to photos, the page features reels and instructional videos.
- First Watch restaurants are only open for breakfast and lunch shifts. Their name is a nod to this, referring to the nautical position of fist watch that sailors take as the sun rises.
- The company’s first major acquisition came in 2014 when it purchased Arizona-based breakfast chain The Good Egg. The following year saw it purchase The Egg and I Chain, a Colorado-based eatery with over 100 locations.
- First Watch has received multiple accolades from Consumer Reports, which has often touted the quality of its breakfast dishes and service.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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