Advent-backed First Watch goes public

First Watch, a restaurant chain, has gone public after pricing its over 9.4 million shares at $18 per share.

First Watch, a restaurant chain, has gone public after pricing its over 9.4 million shares at $18 per share. The stock began trading October 1, 2021 on the NASDAQ under the ticker symbol “FWRG.” BofA Securities, Goldman Sachs and Jefferies LLC are the lead underwriters. First Watch is a portfolio company of Advent International.


BRADENTON, Fla., Sept. 30, 2021 (GLOBE NEWSWIRE) — First Watch Restaurant Group, Inc. (“First Watch” or “the Company”), the Daytime Dining concept serving breakfast, brunch and lunch, today announced the pricing of its initial public offering of 9,459,000 shares of its common stock at a price to the public of $18.00 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,418,850 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the NASDAQ Global Select Market on October 1, 2021, under the ticker symbol “FWRG.” The initial public offering is expected to close on October 5, 2021, subject to the satisfaction of customary closing conditions. First Watch intends to use the proceeds from the proposed offering to repay borrowings outstanding under its credit facilities.

BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as lead book-running managers for the offering.

Barclays Capital Inc., Citigroup Global Markets Inc., Piper Sandler & Co., Cowen and Company, LLC, Guggenheim Securities, LLC and Stifel, Nicolaus & Company, Incorporated are acting as book-running managers for the offering.

Telsey Advisory Group LLC is acting as co-manager for the offering.

The offering is being made only by means of a prospectus. When available, copies of the final prospectus related to the offering may be obtained from the Securities and Exchange Commission (the “SEC”) at, and may be obtained from the following:
BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or by email at

Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by email at or by telephone at 1-866-471-2526.

Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at or by telephone at 1-877-821-7388.

A registration statement on Form S-1 relating to the securities being sold in the initial public offering was declared effective by the SEC on September 30, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About First Watch
First Watch is an award-winning Daytime Dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. First Watch offers traditional favorites, such as pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl®, Avocado Toast and the Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private-equity firms.