First Watch Restaurant Group Announces Closing of IPO

Bradenton / FL. (fwr) First Watch Restaurant Group Inc., a Daytime Dining concept serving breakfast, brunch and lunch, announced the closing of its initial public offering of 10,877,850 shares of its common stock including the full exercise by the underwriters of their option to purchase an additional 1,418,850 shares of common stock at the initial public offering price of USD 18.00 per share, less underwriting discounts and commissions. Gross proceeds from the offering were approximately USD 195.8 million, before underwriting discounts and commissions and estimated offering expenses. The common stock began trading on the Nasdaq Global Select Market on October 01, 2021.

BofA Securities, Goldman Sachs + Co. LLC and Jefferies LLC acted as lead book-running managers for the offering. Barclays Capital Inc., Citigroup Global Markets Inc., Piper Sandler + Co., Cowen and Company, LLC, Guggenheim Securities, LLC and Stifel, Nicolaus + Company, Incorporated acted as book-running managers for the offering. Telsey Advisory Group LLC acted as co-manager for the offering.