Sweetgreen cheered in public debut, as stock opens 86% above IPO price

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Sweetgreen Inc. SG, +76.79% received a standing ovation by investors on its public debut, as the California-based operator of health-driven restaurants’ stock opened 85.7% above the upsized initial public offering price. The company said overnight that it raised $364.0 million as it sold 13.0 million shares in the IPO, which priced at $28 a share, well above the expected range of between $23 and $25 a share. The stock’s first trade on the NYSE was at $52.00 at 1.44 p.m. Eastern for 2.3 million shares. At that price, the company was valued at about $5.53 billion. The stock has extended gains since then to trade up 96.6% at $55.21. The company’s upbeat open occurred on a day that the Renaissance IPO ETF IPO, -0.90% shed 1.0% in afternoon trading while the S&P 500 SPX, +0.34% has gained 0.3%.

This article was originally published by Marketwatch.com. Read the original article here.

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