Sweetgreen Shares Hit The Stratospheres After Listing

Fast- casual Salad chain Sweetgreen(SG) saw the price of shares skyrocket n the first day of trading after the company got listed.

Sweetgreen got listed under the ticker SG. It filed for initial public offerings at $28 yesterday and sold 13 million shares in the process. During listing, the the company shares opened at $52 a share which means that the company is valued at $5.5 billion. The company raised $364 million from its IPO.

The company operates with a very specific set of buyers. To cut down on the queues, the company has already introduced its buyers to order online. Reports claim that the almost two third of the company's revenue came from digital sales.

"We like to say we want to build the McDonald's of our generation," said co-founder and CEO Jonathan Neman told CNBC.

In the previous financial year, the 2006-born company incurred a $141.20 million loss but in this year, it has rebounded and managed to narrow the loss to $86.90 million. The chain already 140 restaurants under its banner in 13 states and the company wants to double the numbers in the next five years.

Currently the stock is trading at $52.45, up $52.45 or 2,971.83% since getting listed. The shares opened at $52.00 in the mornings.

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