First Watch Restaurant Group brings in $195.8 million with initial public stock offering
First Watch Restaurant Group, Inc. reports that its initial public stock offering brought in $195.8 million.
The IPO for the Bradenton-based company began Oct. 1 and ended Tuesday.
First Watch trades under the symbol FWRG on the Nasdaq Global Select Market.
The gross proceeds from the IPO represent the amount raised before underwriting discounts and commissions and estimated offering expenses.
First Watch offered 10,877,850 shares of its common stock, including the exercise by the underwriters of their option to purchase an additional 1,418,850 shares of common stock at the IPO price of $18 per share, less underwriting discounts and commissions.
First Watch intends to use the proceeds from the offering to pay off debt.
The stock closed at $21.30 on Tuesday.
First Watch is a daytime dining concept, serving breakfast, brunch and lunch.
First Watch 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.
This story was originally published October 6, 2021 at 12:28 PM.
