Cava Group Inc., parent to the 263-unit fast-casual Mediterranean brand, made its public market debut Thursday with shares trading at more than $44 a share at midday, well above its announced pricing of $22 a share.
The Washington, D.C.-based company issued 14.4 million shares on the New York Stock Exchange under the symbol “CAVA,” raising nearly $318 million and valuing the restaurant chain at about $2.45 billion. Cava originally priced its public offering at $17 to $19 a share and raised it Wednesday to $22 a share.
The brand plans a 15% growth rate this year, adding between 60 and 70 new stores.
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