First Watch Restaurant dips as PE sponsor Advent to carve holdings

** Shares of First Watch Restaurant Group FWRG.O down 5.4% in extended trading to $17.81 after secondary offering launched

** Bradenton, Florida-based daytime dining chain says private equity firm Advent International to sell 5 mln shares

** Barclays and Goldman Sachs acting as the underwriters

** Prior to the offering, Advent owns ~14.7 mln shares, or ~24% of FWRG's ~61 mln shares outstanding, per LSEG data

** FWRG shares on Weds finished up 5.5% at $18.83, up 1.3% YTD

** 10 of 11 analysts rate FWRG "strong buy" or "buy", 1 rates "hold" and median PT is $22 - LSEG