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Salad Fast-Food Joint IPOs At $3 Billion Valuation, Shares Double On Open

Courtesy of ZeroHedge View original post here.

This is the market The Fed has created…

Shares of salad chain Sweetgreen, which raised $374 million at a valuation of around $3 billion overnight, has seen its shares double in price at the open this afternoon.

The company priced its initial public offering at $28 a share on Wednesday evening, above its marketed range of $23 to $25 per share. Sweetgreen sold 13 million shares. The stocks, SG, opened at $52, then quickly ripped up to over $56 – up 100% from its IPO price.

The restaurant chain was valued at $1.78 billion in a January funding round led by Durable Capital Partners… and now it's worth $6 billion!

“We like to say we want to build the McDonald’s of our generation,” said co-founder and CEO Jonathan Neman on CNBC’s “Squawk Box.”

…thank you Jay Powell.


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