Cava Group Inc., parent to the 263-unit Mediterranean fast-casual Cava brand, is seeking to raise as much as $274 million in an initial public offering, valuing the company at the top end at $2.1 billion.
In documents filed Monday, the Washington, D.C.-based company said it was offering 14.4 million shares at between $17 and $19 each. The company plans to list on the New York Stock exchange under the symbol “CAVA.”
In a Securities and Exchange Commission update in May, Cava said it had driven total revenue from $45.4 million in fiscal 2016 to $564.1 million in fiscal 2022.
For the 16 weeks ended April 16, Cava said it narrowed its net loss to $2.1 million from $20 million in the prior-year period and increased its revenues to $203.1 million from $159 million.
In 2018, Cava acquired the then-public Zoes Kitchen Inc. of Plano, Texas, in a $300 million deal that included Panera founder Ron Shaich’s Boston-based Act III Holdings.
Cava Group has restaurants in 22 states and the District of Columbia.
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