Restaurant chain, Sweetgreen which is known for its fast-food salad bowls began trading on November 18 as an IPO. With approximately 140 locations in 13 states, Sweetgreen is the fifth restaurant chain to go public so far this year.
The company offered 13 million shares and opened at nearly double the $28 IPO share price. The Securities and Exchange Commission had sized the IPO as $100 million. Sales were down significantly in 2020 but have rebounded 21% so far this year.
Founded in 2007, Sweetgreen has enjoyed partnerships with celebrities including top chef David Chang and tennis star Naomi Osaka and has added 21 locations in the past year.
The recent acquisition of 'Spyce', a robotic-powered bowl concept restaurant with a small fleet of electric delivery mopeds adds automation development to its future plans.