Bradenton-based First Watch restaurants rolls out initial public offering on the NASDAQ
Bradenton-based First Watch Restaurant Group on Friday celebrated its initial public offering of stock at the NASDAQ exchange in New York City.
First Watch’s initial asking price was $18 per share for the offering of 9,459,000 shares of common stock to the public on the NASDAQ Global Select Market under the symbol FWRG. A noon, it was trading above $22 per share.
“There were 70 people here today from First Watch. Talk about adrenaline, and an emotional and really happy event,” Matt Eisenacher, First Watch’s senior vice president of brand strategy and innovation, said Friday in a phone call with The Herald from New York.
“We have people here from all over the First Watch system. Some have been with the company more than 20 years. It’s been a special time. We have gone through a global pandemic, and where we sit today, it is incredible to see how strong it has made our culture,” he said.
The company has granted the underwriters a 30-day option to purchase up to an additional 1,418,850 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The initial public offering is expected to close on Tuesday, Oct. 5, subject to the satisfaction of customary closing conditions. First Watch intends to use the proceeds from the offering to pay off debt.
First Watch, one of the nation’s fastest-growing daytime restaurant chains, had 423 restaurants as of June 27, compared with 277 in fiscal year 2015. The company does business in 28 states.
Ken Pendery founded the company in Pacific Grove, California, in 1983, and moved company headquarters to Bradenton in 1986.
First Watch has 99 restaurants in Florida, including three in Manatee County. Those restaurants are located at 8306 Market Street, Lakewood Ranch, 4324 53rd Ave. E., Bradenton, and 7118 Cortez Road W., Bradenton.
In July, the company celebrated its move into a new 39,000-square-foot corporate headquarters at 8725 Pendery Place with an egg-cracking ceremony.
Christopher A. Tomasso has served as president of the company since 2015 and as chief executive officer since 2018.
This story was originally published October 1, 2021 at 10:42 AM.
