Sweetgreen's IPO Is Done: Salad Slinger's Shares Pop 76% in First Day on the NYSE

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Sweetgreen's IPO Is Done: Salad Slinger's Shares Pop 76% in First Day on the NYSE

Investors tucked away Sweetgreen shares by the forkful on Thursday, driving the price of the salad chain's stock up more than 76% to a closing price of $49.50 per share.

The Culver City company raised $364 million in its New York Stock Exchange debut, selling 13 million shares at $28 a pop. Originally, the company had targeted a price per share of $25 at the high end.

Following the debut, the stock soared as high as $56.20 per share during regular trading, despite the company's dearth of profits.

Shortly after the IPO, Sweetgreen CEO Jonathan Neman said the company's mission is "to transform fast food and make it healthy." However, critics have called Neman's views on health fatphobic. The executive came under fire recently after claiming "no vaccine nor mask will save us" in a since-deleted LinkedIn post, which ultimately argued that what Americans should do is eat the kind of food that Sweetgreen sells.

But for a salad business, Sweetgreen also looks a lot like a tech company. Ahead of the IPO, the company described itself as a "digital platform," a "multi-channel restaurant ecosystem," and even a content creator — all phrases more evocative of Silicon Valley than a salad bar.

Trading under the symbol SG, Sweetgreen aims to double in size over the next five years. Pandemic lockdowns hammered the company last year, leading to significant layoffs at its L.A. headquarters. However, sales rebounded in the runup to the chain's IPO.

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Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups
Photo by Red Zeppelin on Unsplash

The Inflation Reduction Act contains almost $400 billion in funding for clean energy initiatives. There’s $250 billion for energy projects. $23 billion for transportation and EVs. $46 billion for environment. $21 billion for agriculture, and so on. With so much cash flowing into the sector, the possibilities for investment and growth are gigantic.

These investment opportunities, however, have typically been inaccessible for everyday retail investors until much later in a company’s development–after an IPO, usually. Meaning that the best returns are likely to be captured by banks and other institutions who have the capital and financing to invest large sums of money earlier in the process.

That’s where Pasadena-based Energy Shares comes in. The company wants to help democratize access to these investment opportunities and simultaneously give early-stage utility-scale energy projects another revenue stream.

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Why These Ukrainian Entrepreneurs Are Making LA Their Home

Aisha Counts
Aisha Counts is a business reporter covering the technology industry. She has written extensively about tech giants, emerging technologies, startups and venture capital. Before becoming a journalist she spent several years as a management consultant at Ernst & Young.
Why These Ukrainian Entrepreneurs Are Making LA Their Home
Joey Mota

Fleeing war and chasing new opportunities, more than a dozen Ukrainian entrepreneurs have landed in Los Angeles, finding an unexpected community in the city of dreams. These entrepreneurs have started companies that are collectively worth more than $300 million, in industries ranging from electric vehicle charging stations to audience monetization platforms to social networks.

Dot.LA spent an evening with this group of Ukrainian citizens, learning what it was like to build startups in Ukraine, to cope with the unimaginable fear of fleeing war, and to garner the resilience to rebuild.

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