Sweetgreen Inc., the salad restaurant chain founded by Georgetown University graduates, has filed confidentially for a U.S. initial public offering.
The Los Angeles-based company said in astatementMonday that it has submitted a draft registration statement to the Securities and Exchange Commission for an IPO. The offering is expected to commence after the regulator completes its review process and is subject tomarket conditions, the statement showed.
The company is working withGoldman Sachs Group Inc.on the listing, Bloomberg Newsreportedin May.
Founded in 2007, the restaurant chain was valued at $1.78 billion in a January funding round led by Durable Capital Partners.
It also counts D1 Capital, Lone Pine, Fidelity Investments, Live Oak Endeavors and T. Rowe Price among backers, PitchBook data shows.
Sweetgreen, started by Georgetown graduates Jonathan Neman, Nathaniel Ru and Nicolas Jammet, has developed a cult following among bankers and technology workers. It operates more than 120 restaurants,accordingto a press release.