The Cava logo design is shown at a Cava place in Pasadena, California,Feb 6, 2023.
Mario Tama|Getty Images News|Getty Images
Mediterranean fast-casual dining establishment chain Cava priced its going public at $22 per share, above a formerly specified variety, the business stated Wednesday.
Cava stated it offered 14.4 million shares, which at a rate of $22 per share, raises almost $318 million. The business on Monday raised its prices expectations to a series of $19 to $20 per share.
At $22 per share, the business is valued at approximately $2.45 billion, based upon an impressive share count of more than 111 million shares.
Shares are anticipated to debut on the general public markets Thursday and trade under the stock sign CAVA.
Cava, established in 2006, opened its very first place in 2011 and now runs more than 260 dining establishments. It has actually drawn regular contrast to Chipotle Mexican Grill for its build-your-own-entree design of dining.
Last year, Cava reported net sales of $5641 million, up 12.8% from the year prior. However, its reported bottom line was $59 million, broader than a bottom line of $371 million in 2021.
— CNBC’s Amelia Lucas added to this report.
Correction: Cava raised its prices expectations for its going publicMonday An earlier variation of this story misstated the day.
