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Naomi Osaka-backed Sweetgreen targets as much as $2.7 billion valuation in IPO


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Naomi Osaka-backed Sweetgreen targets up to $2.7 billion valuation in IPO
© Reuters. FILE PHOTO: Tennis – Australian Originate – Ladies’s Singles Closing – Melbourne Park, Melbourne, Australia, February 20, 2021 Japan’s Naomi Osaka celebrates with the trophy after winning her final match against Jennifer Brady of the U.S. REUTERS/Kelly Defina

(Reuters) -Tennis superstar Naomi Osaka-backed salad chain Sweetgreen Inc said on Tuesday it became attempting for a valuation of as much as $2.7 billion in its preliminary public offering in the US.

The Los Angeles, California-primarily based company plans to promote 12.5 million shares priced between $23 and $25 every, aiming to raise as much as $312.5 million at the destroy cease of the vary.

Plant-primarily based meals companies have attracted investor attention accurate throughout the previous couple of years, namely as extra other individuals gravitate to wholesome and atmosphere-friendly meals.

A lot of the count on is being led by millennials and technology Z customers, who are extra than prepared to exhaust on sustainable products which would possibly maybe very neatly be also wholesome.

The corporate became valued at $1.8 billion after a funding spherical earlier this twelve months, primarily based on media reports. T.Rowe Tag, Lone Pine Capital and D1 Capital Partners are amongst its various investors.

Sweetgreen, which became founded in 2007, expects to listing on the Unique York Stock Alternate under the ticker symbol ‘SG’.

Goldman Sachs (NYSE:), J.P. Morgan, Morgan Stanley (NYSE:) and Allen & Firm are amongst the underwriters for the offering.

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