Business

Cava prices IPO at $22 per share, above stated range

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    The Cava logo is displayed at a Cava location in Pasadena, California, Feb. 6, 2023.
    Mario Tama | Getty Images News | Getty Images

    Mediterranean fast-casual restaurant chain Cava priced its initial public offering at $22 per share, above a previously stated range, the company said Wednesday.

    Cava said it sold 14.4 million shares, which at a price of $22 per share, raises nearly $318 million. The company on Monday raised its pricing expectations to a range of $19 to $20 per share.

    At $22 per share, the company is valued at roughly $2.45 billion, based on an outstanding share count of more than 111 million shares.

    Shares are expected to debut on the public markets Thursday and trade under the stock symbol CAVA.

    Cava, founded in 2006, opened its first location in 2011 and now operates more than 260 restaurants. It has drawn frequent comparison to Chipotle Mexican Grill for its build-your-own-entree style of dining.

    Last year, Cava reported net sales of $564.1 million, up 12.8% from the year prior. However, its reported net loss was $59 million, wider than a net loss of $37.1 million in 2021.

    — CNBC’s Amelia Lucas contributed to this report.

    Correction: Cava raised its pricing expectations for its initial public offering Monday. An earlier version of this story misstated the day.

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