First Watch Restaurant Group Inc., which went public in October last year, will be making a secondary public offering, the company announced Monday.
The Bradenton, Fla.-based daytime-dining brand said it intended to offer 4.5 million shares of common stock in the offering.
In October 2021, First Watch issued 9.5 million shares of common stock at $18 a share, raising about $170 million. Shares have traded between $11.57 and $25.46 over the past year
First Watch said selling stockholders intend to grant the underwriters a 30-day option to purchase an additional 675,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The selling stockholders will receive the proceeds from the offering, the company said.
BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as joint lead book-running managers for the proposed offering.
First Watch has more than 445 restaurants in 28 states. The restaurant concept is majority owned by private-equity firm Advent International.
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