Breakfast-and-lunch chain First Watch Restaurant Group on Sept. 7 announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. It made an application for listing the common stock on the NASDAQ Global Select Market under the ticker symbol “FWRG.”
The number of shares to be offered and the price range for the proposed offering have not yet been determined. First Watch plans to use the proceeds from the offering to repay borrowings outstanding under the company’s credit facilities.
Founded in 1983, First Watch serves made-to-order breakfast, brunch and lunch using fresh ingredients. The concept began offering alcoholic beverages, including several specialty cocktails, for the first time at some locations in November 2020.
The company now operates more than 420 First Watch restaurants in 28 states, open seven days a week from 7 a.m. until 2:30 p.m. Private-equity firm Advent International bought a majority stake in First Watch in 2017.