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Salad Chain Sweetgreen Seeks Up to $312.5 Million in U.S. IPO

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(Bloomberg) —

Sweetgreen Inc., the salad restaurant chain founded by Georgetown University graduates, is seeking to raise as much as $312.5 million in its initial public offering. 

The Los Angeles-based company will offer 12.5 million shares for $23 to $25 each, according to an updated filing Tuesday. Based on the total number of shares outstanding after the IPO, Sweetgreen could have a market valuation of about $2.7 billion if it sells shares at the top of that range. 

The restaurant chain was valued at $1.78 billion in a January funding round led by Durable Capital Partners. Its biggest investors include affiliates of Fidelity Investments, T. Rowe Price, Revolution Growth, D1 Capital Partners, Anchorage Capital Group and Lone Pine Capital, according to its filing.

The company plans to use proceeds from the offering for general corporate purposes and working capital, as well as to develop the technology it acquired through the purchase of Spyce Food Co. Boston-based Spyce uses robotic cooking and serving techniques to automate much of its production line. 

Sweetgreen, started by Georgetown graduates Jonathan Neman, Nathaniel Ru and Nicolas Jammet, operates 140 restaurants in 13 states. It had a net loss of $87 million on revenue of $243 million for the 39-week period ended Sept. 26, compared with a loss of more than $100 million on revenue of $161 million a year earlier, the filing shows.

The offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. Sweetgreen plans for its shares to trade on the New York Stock Exchange under the symbol SG.

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