Sweetgreen Stock Jumps More Than 75% in Market Debut
The salad chain beat expectations by nearly doubling its share price in its Thursday IPO.
On Thursday, Sweetgreen made a splash on the New York Public Exchange with its initial IPO. from $28 to above $49 a share, with a market value . The price opened at $52 a share.
“Sweetgreen was founded in response to the fact that the legacy restaurant model failed to anticipate evolving consumer tastes and methods of engagement,” the company . “We believe our brand and offering sit at the intersection of these powerful consumer trends shaping our industry.”
Related: Sweetgreen CEO Apologizes to Staff After Fatphobic Comments
The chain got its start in 2007, and has since grown to 140 restaurants across 13 states. A large chunk of Sweetgreen’s growth has been reliant on technology, reporting more than two-thirds of its revenue comes from digital sales.
In the filing, the Los Angeles-based company also wrote that it plans to open at least 30 company-owned restaurants in 2021 and is aiming to double its footprint in the next three to five years. However, .
“We believe humans will always be part of the Sweetgreen experience,” co-founder and CEO Jonathan Neman . “We just believe in continuing to invest in technology to enable them to do their job in a better way”
On Thursday, Sweetgreen made a splash on the New York Public Exchange with its initial IPO. from $28 to above $49 a share, with a market value . The price opened at $52 a share.
“Sweetgreen was founded in response to the fact that the legacy restaurant model failed to anticipate evolving consumer tastes and methods of engagement,” the company . “We believe our brand and offering sit at the intersection of these powerful consumer trends shaping our industry.”
Related: Sweetgreen CEO Apologizes to Staff After Fatphobic Comments
The chain got its start in 2007, and has since grown to 140 restaurants across 13 states. A large chunk of Sweetgreen’s growth has been reliant on technology, reporting more than two-thirds of its revenue comes from digital sales.
In the filing, the Los Angeles-based company also wrote that it plans to open at least 30 company-owned restaurants in 2021 and is aiming to double its footprint in the next three to five years. However, .
“We believe humans will always be part of the Sweetgreen experience,” co-founder and CEO Jonathan Neman . “We just believe in continuing to invest in technology to enable them to do their job in a better way”
