Sweetgreen has filed for a public debut on the New York Stock Change.
Within the firm’s IPO prospectus, the buzzy salad chain reported a robust bounce-back from COVID-19 pandemic shutdowns. Gross sales have been battered in 2020, however regrew 21% within the first 9 months of 2021. Its web losses narrowed to $87 million this yr up to now, from $100 million throughout the identical interval final yr.
Based in 2007, Los Angeles-based Sweetgreen has loved “cool” standing on the earth of fast-casual eating places, bolstered by high-profile partnerships with celebrities together with prime chef David Chang and tennis star Naomi Osaka. It’s additionally the most recent food-and-beverage spot to faucet the general public market this yr. Simply final week, Chicago sizzling canine joint Portillo’s kicked off buying and selling on the Nasdaq; final month, cult-favorite espresso store Dutch Bros hit the Massive Board; and this month, breakfast cafe chain First Watch made its debut.
Sweetgreen has, nevertheless, had its share of misses in current occasions. In September, its cofounder Jonathan Neman revealed a LinkedIn weblog submit blaming weight problems, partly, for the worldwide pandemic, writing that “no vaccine nor masks will save us” and advocating for taxes on refined sugar and processed meals. (Sweetgreen is, after all, marketed as a wholesome eats go-to.) Neman’s submit drew swift backlash, and was deleted the next day.
However in a promising signal, the market has proven nice urge for food for meals shares: Portillo’s is up 15% since opening and Dutch Bros is up 88%.
Sweetgreen presently runs 140 areas in 13 U.S. states, and its prospectus says it hopes to double its footprint within the subsequent few years. In August, it revealed a brand new funding in digital automation with its buy of Boston-based Spyce, a maker of robotic kitchen tech. Closely enterprise capital-backed, Sweetgreen’s most up-to-date funding spherical valued the corporate at roughly $1.8 billion.