By Wallace Witkowski
Sweetgreen Inc., a Los Angeles-based fast-food restaurant chain that promotes healthy meals and sustainably produced foods, plans to go public, according to a filing with the Securities and Exchange Commission on Monday.
The company said it plans to raise up to $100 million, but that figure is often used as a placeholder and is updated in subsequent filings. Goldman Sachs, J.P. Morgan, Allen & Co, and Morgan Stanley are listed among the underwriters for the offering.
The company plans to list its stock under the ticker “SG” on the New York Stock Exchange.
Sweetgreen reported sales of $220.6 million and a loss of $141.2 million in 2020, compared with revenue of $274.2 million and a loss of $67.9 million in 2019. For the first nine months of 2021, the company reported revenue of $243.4 million and a loss of $87 million, compared with revenue of $161.4 million and a loss of $100.2 million for the first half of 2020.
Fidelity Investments and T. Rowe Price already have more than 5% stakes in the company. To date, the company has raised $478.6 million, according to Crunchbase.