** Shares of First Watch Restaurant Group down 9.6% at $19.36 early Tues after secondary offering prices
** Daytime dining chain 8 mln shares offloaded by PE sponsor Advent International
** Offering price of $19.95 represents 6.9% discount to stock's last close
** Goldman Sachs sole underwriter
** Prior to offering, Advent owned ~27.2 mln shares, or ~45% of co's ~60.6 mln shares outstanding, per LSEG
** FWRG on Thurs closed up ~14% at $20.83 after co posted Q3 adj EBITDA of $25.6 mln, above LSEG estimate of $24.3 mln, and 2024 EBITDA guidance to $110-$112 mln from prior outlook of $106-$112 mln
** Including move on the session, stock up 50% from its 2024 low of $12.90 hit about a month ago, leaving them down 3% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))
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