Sweetgreen IPO: Soar and Dip

Sweetgreen Inc. (NASDAQ: SG), a salad chain, made its stock market debut on November 18, 2021. Recently, there have been numerous IPO entrants in the market that includes the EV-makers, Sono Group and Rivian. However, the trend is broken by this salad chain. Moreover, it had a blast on its first day itself.

Stock Surge

Sweetgreen’s stock opened at $52 yesterday. It was much higher than the previous close of $12.50 and initial public offering of $28 per share. The initial price was also more than the set range of $23 to $25 per share. Moreover, it garnered a huge growth of 296% furing the Market hours and closed at $49.50. In the after market hours, its stocks surged to the peak of $56.20. The high resulted in its market valuation to roughly touch $6 billion. Further, this indicated a whopping growth of 349.6%. Also, it shows a huge growth of 100.7% than the initial price.

Also, the opening price of $52 resulted in its market capitalization of more than $5.5 billion. Further, the company sold 13 million shares and raised $364 million. Earlier, Sweetgreen was expected to raise about $358.39 million at the high end of the set price range. However, it beat the estimate.

Stock Decline

However, it seems that Sweetgreen has not maintained the momentum it gained on its debut. The stock prices have come down by 7.88% in the pre-market hours, following the current price of $47.50. However, despite the decline, its market capitalization is more than $5.26 billion.

Mission Statement

Sweetgreen has a clear mission to “reimagine fastfood for a new era.”

“Our core values guide our actions and we aim to empower our customers, team members and partners to be a positive force on the food system. That’s why we’re building a transparent supply network, why we cook from scratch, and why we’re building a community of people who believe in the power of real food.”

– Goal statement mentioned on their website.
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