DC’s Mediterranean go-to chain Cava is officially a public company.
On Thursday, the fast-casual chain premiered on the New York Stock Exchange under the symbol CAVA. The company opened the day at $42 per share, way up from the $22 it priced on Wednesday, and closed at $43.78 per share. All in all, Cava raised $318 million with yesterday’s premiere, valuing the company at $4.88 billion. According to CNBC, that makes it the “top-performing IPO this year for companies valued above $500 million.”
The company initially opened the IPO process in February, though it still has yet to reach profitability. With the funds, the company plans to open 60 to 70 new stores this year.
A representative from Cava declined to answer questions about the IPO or the company’s plans going forward.
Cava is a regular face in the DC tech and funding world, pulling in one of 2021’s biggest rounds with a $190 million Series F deal led by Baltimore, Maryland’s T. Rowe Price. Other investors include DC’s Revolution. Following that raise, the company was valued at $1.71 billion. In 2018, the company also acquired Zoës Kitchen.
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