Just Salad is exploring a potential initial public offering, three sources familiar with the matter said.

The New York-headquartered fast-casual restaurant chain has begun early-stage discussions with banks with a view of appointing a formal syndicate for a listing at a later stage, two sources said.

Timing for a potential listing has not been determined, the sources said. A transaction could come as early as the second half of 2026 if preparations accelerate, one of the sources said, while another source said the process could extend into 2027 depending on market conditions and readiness.

The company has been working to differentiate itself within the competitive healthy dining segment and is pursuing a multi-year expansion strategy that could be supported by public market capital, one source said.

Just Salad has attracted a strong institutional shareholder base in private markets and achieved a premium valuation, but a public listing would be sensitive to how investors assess comparable names, another source said.

The company is likely to be comped to stocks such as Sweetgreen, which went public in 2021 and whose share price performance since listing has weighed on sentiment toward the category, the source added. This could influence both valuation expectations and aftermarket dynamics.

Just Salad raised USD 200m in 2025 from investors including Wellington Management, D1 Capital Partners, Neuberger Berman, and Stripes, valuing the company at approximately USD 1bn. Proceeds were earmarked for new unit growth, menu innovation, and technology investment.

Just Salad did not respond to a request for comment.