Cava Group raises price range as IPO gears up

Investing.com -- Cava Group is gearing up for its initial public offering later this week, raising its price range on Monday.

The Mediterranean-style restaurant chain disclosed in a securities filing that it plans to sell $14.4 million shares at a range of $19 to $20 each, raising the range from $17 to $19. The IPO is expected to value the company at $2.2 billion, according to reports.

Cava is going public amid a relatively slow year for new stock issues. JPMorgan and Jefferies are leading the banks handling the deal. It is expected to list on the New York Stock Exchange later this week under the ticker CAVA.

There are signs of a pickup in activity after last month’s debuts of Kenvue Inc (NYSE: KVUE), a consumer health spinoff from Johnson & Johnson (NYSE: JNJ), and the biotech firm ACELYRIN Inc (NASDAQ: SLRN).

The company operated 263 Cava locations in 22 states and Washington, D.C., including 145 locations of Zoe's Kitchen locations, which it acquired in 2018. It continues to open new restaurants, seeing an additional 34 to 44 this year.

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