The Cava emblem is displayed at a Cava location in Pasadena, California, Feb. 6, 2023.
Mario Tama | Getty Pictures Information | Getty Pictures
Mediterranean fast-casual restaurant chain Cava priced its preliminary public providing at $22 per share, above a beforehand said vary, the corporate mentioned Wednesday.
Cava mentioned it bought 14.4 million shares, which at a worth of $22 per share, raises practically $318 million. The corporate on Monday raised its pricing expectations to a variety of $19 to $20 per share.
At $22 per share, the corporate is valued at roughly $2.45 billion, primarily based on an impressive share depend of greater than 111 million shares.
Shares are anticipated to debut on the general public markets Thursday and commerce below the inventory image CAVA.
Cava, based in 2006, opened its first location in 2011 and now operates greater than 260 eating places. It has drawn frequent comparability to Chipotle Mexican Grill for its build-your-own-entree type of eating.
Final yr, Cava reported web gross sales of $564.1 million, up 12.8% from the yr prior. Nonetheless, its reported web loss was $59 million, wider than a web lack of $37.1 million in 2021.
— CNBC’s Amelia Lucas contributed to this report.
Correction: Cava raised its pricing expectations for its preliminary public providing Monday. An earlier model of this story misstated the day.
