Cava Group IPO: Stock priced as shares in the restaurant chain are set to begin NYSE trading

Cava Group, owner of the fast-casual Mediterranean food chain Cava, is set to have its initial public offering today, Thursday, June 15, 2023. Here’s what you need to know about the food chain and its IPO:

• What is Cava? It’s a restaurant chain that specializes in Mediterranean foods in the fast-casual sector of the industry. Fast-casual is a segment of the restaurant industry that usually offers a more upscale dining experience than, say, a McDonald’s, but does not offer table service. Fast casual chains also usually highlight their higher-quality food or healthier food quality—so think of restaurants like Chipotle. But instead of burritos, Cava is focused on Mediterranean food offerings. 
• How many Cava restaurants are there? According to CNBC, there are currently 260 Cava locations. Cava Group was founded in 2006 and the first Cava restaurant was opened in 2011, which means the chain’s been around for 12 years now.
• What is Cava Group’s stock symbol? Cava Group will trade under the stock ticker CAVA.
• What is the CAVA IPO price? CAVA common stock will IPO for $22 a share. There will be 14,444,444 shares available. If they all sell for $22, Cava Group will raise $317,777,768 in its IPO. 
• How much is Cava Group worth? There will be an outstanding share count of 111 million shares. If CAVA shares are valued at $22 each, the company has a market cap of just over $2.4 billion.
• What stock exchange will CAVA trade on? CAVA shares will trade on the New York Stock Exchange (NYSE).
• What will Cava Group use the IPO funds for? According to a company press release, funds raised in the IPO will be used to fund new restaurant openings. Any remaining proceeds will go toward “general corporate purposes.”
• Anything else to know? The IPO market is showing some spark of life again after drying up last year. Although no one is expecting IPO volumes to return to 2021 levels anytime soon, investors are hopeful that high-profile listings like Cava will be successful enough to encourage more activity. They’ll be keeping a sharp eye on how the stock does throughout the trading day today and in the weeks to come.