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Introducing: Cava's IPO. Here's what it means for the industry.Introducing: Cava's IPO. Here's what it means for the industry.

Holly Petre, Assistant Digital Editor

June 16, 2023

 

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.

About the Author

Holly Petre

Assistant Digital Editor

Holly Petre is a digital editor for Nation’s Restaurant News as well as the host of NRN’s podcast, Extra Serving, and producer for Informa Restaurant and Food Group’s other three podcasts, One On One by Food Management, Off the Shelf with SN and In the Kitchen with Bret Thorn. Holly holds a Bachelor of Fine Arts with a concentration in Sculpture, fibers and Material Studies and Ceramics from the School of the Art Institute of Chicago. A native New Yorker, Holly enjoys her place on staff as the resident pop-culture expert and millennial with a sassy attitude and great sense of style.

Holly Petre’s work on Nation’s Restaurant News and Restaurant Hospitality often covers marketing and trends, either aimed-at or examined-through the millennial mindset. Holly is responsible for introducing TikTok and Twitch to NRN and RH readers as well as explaining terms like “Karen” to staff and readers alike. She also spends her time on staff trying not to make every headline a pun.

Holly Petre hasn’t spoken at any events or on panels, but she is readily available with a killer shoe wardrobe and several witty quips.

 

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