Sweetgreen has filed for public listing on the New York Stock Exchange.
In the company’s IPO flyer, the lively salad chain reported a strong rebound after closures from the COVID-19 pandemic. Sales were battered in 2020, but grew 21% in the first nine months of 2021. Its net losses have narrowed to $ 87 million this year to date, from $ 100 million in the same. period last year.
Founded in 2007, Los Angeles-based Sweetgreen has enjoyed “cool” status in the fast-casual dining world, backed by leading partnerships with celebrities including top chef David Chang and star of the world. tennis Naomi Osaka. It is also the last place to eat in the public market this year. Just last week, Portillo’s, a Chicago hot dog group, started trading on the Nasdaq; last month, cult coffee Dutch Bros made its debut on the Big Board; and this month, the First Watch breakfast cafe chain debuted.
Sweetgreen has had its share of failures lately, however. In September, its co-founder Jonathan Neman published a blog post on LinkedIn partly blaming obesity for the global pandemic, writing that “no vaccine or mask will save us” and pleading for taxes on refined sugar and food. processed. (Sweetgreen is, of course, heralded as a staple for healthy eating.) Neman’s post sparked a quick reaction and was deleted the next day.
But a promising sign, the market has shown a great appetite for food stocks: Portillo’s is up 15% since opening and Dutch Bros is up 88%.
Sweetgreen currently operates 140 locations in 13 US states, and its prospectus says it hopes to double its footprint in the next few years. In August, he revealed a new investment in digital automation with his purchase of Boston-based Spyce, a maker of robotic kitchen technology. Heavily funded by venture capital, Sweetgreen’s latest funding round valued the company at around $ 1.8 billion.