
Please try another search
Investing.com -- Cava Group is proceeding with its initial public offering, seeking to sell 14,444,444 shares at about $17 to $19 apiece.
The stock offering, led by JPMorgan, comes as fast-casual restaurants are recovering from the pandemic shutdowns. Cava is a Mediterranean inspired restaurant chain with 263 locations. In a securities filing on Monday, Cava said its total revenue rose from $45.4 million in fiscal 2016 to $564.1M in fiscal 2022, a 52.2% compound annual growth rate. Its total revenue rose from $159.0M in the first quarter of 2022 to $203.1M in the first quarter of 2023, an increase of 27.7%.
Cava bought Zoe's Kitchen in 2018 and has since converted 145 Zoe's locations into Cava restaurants, in addition to opening 51 new CAVA restaurants during such period, it said in a filing. "At the same time, we have successfully managed through the mid-to-high-single digit inflationary environment and were able to expand CAVA Restaurant-Level Profit Margin to 20.3% in fiscal 2022, despite only increasing our in-restaurant menu price by less than 5%," the company added.
Pending a successful roadshow, Cava would list on the NYSE under the symbol CAVA.
It has been a challenging year for stock debuts, with big deals including Johnson & Johnson's (NYSE:JNJ) spinoff of consumer product company Kenvue.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.