First Watch Files for IPO
First Watch Restaurant Group, Inc. has publicly filed the necessary paperwork for an Initial Public Offering (IPO) of its common stock with the U.S. Securities and Exchange Commission.
An application has been made for listing the common stock on the NASDAQ Global Select Market under the ticker symbol “FWRG.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. First Watch intends to use the proceeds from the offering to repay borrowings outstanding under the company’s credit facilities.
Hot Restaurant Investments
First Watch’s move to go public follows on the heels of other high profile IPOs and acquisitions in the restaurant tech space. On August 27, Toast filed for an $100M IPO. Online ordering company Olo held its IPO in March. On the M&A front, Punchh was acquired by Par Technology and Restaurant365 Bought Compeat.
For First Watch, BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as lead book-running managers for the proposed offering.