Business Naomi Osaka-backed Sweetgreen targets up to $2.7 billion valuation in IPO

Naomi Osaka-backed Sweetgreen targets up to $2.7 billion valuation in IPO

Naomi Osaka-backed Sweetgreen targets up to $2.7 billion valuation in IPO

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Financial system1 hour ago (Nov 09, 2021 07: 46AM ET)

© Reuters. FILE PHOTO: Tennis – Australian Originate – Females’s Singles Remaining – Melbourne Park, Melbourne, Australia, February 20, 2021 Japan’s Naomi Osaka celebrates with the trophy after worthwhile her ultimate match in opposition to Jennifer Brady of the U.S. REUTERS/Kelly Defina

(Reuters) -Tennis fundamental person Naomi Osaka-backed salad chain Sweetgreen Inc acknowledged on Tuesday it used to be attempting to rep a valuation of up to $2.7 billion in its initial public offering within the usa.

The Los Angeles, California-primarily based entirely company plans to promote 12.5 million shares priced between $23 and $25 every, aiming to win up to $312.5 million on the tip terminate of the vary.

Plant-primarily based entirely meals companies hold attracted investor attention at some level of the last few years, particularly as more folks gravitate to wholesome and atmosphere-friendly meals.

A lot of the expect of is being led by millennials and technology Z shoppers, who are greater than challenging to spend on sustainable merchandise that are furthermore wholesome.

The company used to be valued at $1.8 billion after a funding spherical earlier this twelve months, per media experiences. T.Rowe Price, Lone Pine Capital and D1 Capital Partners are among its numerous investors.

Sweetgreen, which used to be founded in 2007, expects to listing on the Fresh York Stock Exchange beneath the ticker image ‘SG’.

Goldman Sachs (NYSE:), J.P. Morgan, Morgan Stanley (NYSE:) and Allen & Firm are among the many underwriters for the offering.

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