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The Cava logo is displayed at the Cava restaurant chain on February 6, 2023 in Pasadena, California.
Mario Tama | Getty Images News | Getty Images
Fast Mediterranean chain of restaurants reward People familiar with the matter priced the IPO at $22 a share on Wednesday, people familiar with the matter told CNBC’s Leslie Picker.
On Monday, the company raised its pricing forecast to a range of $19 to $20 a share. She plans to sell 14.4 million shares, according to filings with Securities and Exchange Commissionwhich at $22 per share would raise approximately $318 million.
At that pricing level, the company would be valued at approximately $2.45 billion, based on the number of outstanding shares of more than 111 million shares.
The shares are expected to be offered for the first time in the public markets on Thursday and trade under the stock symbol CAVA.
Founded in 2006, Kava opened its first location in 2011 and now operates more than 260 restaurants. It is plotted a frequent comparison to Chipotle Mexican Grill In order to build your own entry style of eating.
Last year, Cava recorded net sales of $564.1 million, up 12.8% from the previous year. However, the reported net loss was $59 million, greater than the net loss of $37.1 million in 2021.
— CNBC’s Amelia Lucas contributed to this report.
Correction: Cava raised its pricing forecast for its initial public offering on Monday. An earlier version of this story got it wrong today.
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