Salad Fast-Food Joint IPOs At $3 Billion Valuation, Shares Double On Open
This is the market The Fed has created…
Shares of salad chain Sweetgreen, which raised $374 million at a valuation of around $3 billion overnight, has seen its shares double in price at the open this afternoon.
The company priced its initial public offering at $28 a share on Wednesday evening, above its marketed range of $23 to $25 per share. Sweetgreen sold 13 million shares. The stocks, SG, opened at $52, then quickly ripped up to over $56 – up 100% from its IPO price.
The restaurant chain was valued at $1.78 billion in a January funding round led by Durable Capital Partners… and now it’s worth $6 billion!
“We like to say we want to build the McDonald’s of our generation,” said co-founder and CEO Jonathan Neman on CNBC’s “Squawk Box.”
…thank you Jay Powell.
Thu, 11/18/2021 – 14:01