Operations

Will Sweetgreen raise over $312M with IPO?

Provided

November 11, 2021

After announcing last month that it was going public this year, Sweetgreen updated its filing Tuesday, stating it expects to raise as much as $312.5 million in its initial public offering.

Plans include offering up to 1% of its IPO stock to investors with accounts at Robinhood, known for commission-free trades of stocks.

The 140-unit chain plans to sell 12.5 million Class A shares at $23 to $25 per share, which would value it at $2.7 billion, according to its revised S-1 filing with the U.S. Securities and Exchange Commission.

In the filing, the chain said it wouldn't specify the use of all net proceeds but said it would spend some of the funds developing technology acquired through its purchase of Spyce Food Co, a Boston-based restaurant company that created Infinite Kitchen, an automated culinary tool designed to balance the core elements of cooking technique, measurement and timing. Sweetgreen will use other funds for general corporate purposes.

As of press time, Sweetgreen had not returned a request for comment.