Sweetgreen restaurant
Source: sweetgreen

Sweetgreen Files Confidential IPO, Partners With Naomi Osaka


Jun. 23 2021, Published 3:33 p.m. ET

Popular salad restaurant chain Sweetgreen is looking to go public. What does a confidential IPO mean and what can investors expect?

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On June 21, the company released a statement that it confidentially filed a draft Form S-1 with the SEC for an IPO. Here's what we know so far. 

When is the Sweetgreen IPO?

Because the Sweetgreen filing was confidential, the details aren't available on when the offering is, the number of shares to be offered, and the price range of those shares. Those details will be released 15 days before the public offering. 

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sweetgreen bowls
Source: sweetgreen

The Los Angeles-based company is working on the listing with Goldman Sachs Group, Bloomberg reported. 

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The company was valued at $1.78 billion in January after raising $156 million from investment firm Durable Capital Partners. According to a New York Times article, the company’s 2019 revenues were over $300 million. 

Sweetgreen offers an alternative to fast food.

Sweetgreen was founded in 2007 by Georgetown graduates Jonathan Neman, Nathaniel Ru, and Nicolas Jammet. Tired of fast food, the trio wanted to provide a healthier alternative. 

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The first Sweetgreen restaurant opened in Washington D.C. and quickly became a favorite for business and political people looking for a healthy lunch. 

Now, the company operates more than 120 restaurants in 12 states across the country. Fast Company recognized Sweetgreen as one of its “Most Innovative Companies” in 2019 and 2020. 

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The Sweetgreen menu is “plant-forward.”

The Sweetgreen “plant-forward” menu includes warm bowls, salads, plates, and healthy drinks like kombucha and Spindrift seltzers. The menu is seasonal and changes five times a year. Customers can order from Sweetgreen in person at one of their locations or through the company app. 

To reduce its carbon footprint, the company mainly works with farmers and producers that use regenerative practices, according to the Sweetgreen website. Even its restaurants are designed to “contribute to a more sustainable future.”  

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Tennis star Naomi Osaka is Sweetgreen’s first athlete ambassador.

Recently, the restaurant chain announced a partnership with Japanese professional tennis star Naomi Osaka. She will serve as Sweetgreen’s first athlete ambassador. Osaka has been a longtime Sweetgreen customer. 

Naomi Osaka
Source: sweetgreen
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“I’m proud to join forces with sweetgreen to change the way the world thinks of traditional fast-food sponsorships. As an athlete, what I put into my body directly correlates to how I perform and eating delicious, healthy foods fuels my daily routine,” said Osaka in a statement. 

Sweetgreen even created a new menu item, the Naomi Osaka Bowl, to celebrate the partnership. The Naomi Osaka Bowl features warm quinoa, baby spinach, cilantro, tomato, tortilla chips, raw carrots, goat cheese, blackened chicken, lime-cilantro jalapeño vinaigrette, avocado, and Sweetgreen hot sauce.

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The company pledged to donate 100 percent of proceeds from sales of the specialty menu item to organizations in the Asian American Pacific Islander community.

How to buy Sweetgreen stock

After the SEC has completed its review of Sweetgreen’s confidential IPO filing, the company can move forward with setting how many shares it will sell and at what price range. The company must release this information and make the SEC filing public 15 days before the public offering. Of course, the company could also decide not to move forward with the IPO. 


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