Startups

DC’s Cava just made its official IPO, raising $300M+

The DC fast-casual chain made a not-so-casual IPO on the New York Stock Exchange Thursday.

The fast-casual fare that landed a $300 million-plus IPO. (Courtesy photo)

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.

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

Our services Preferred partners The journalism fund
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Trump may kill the CHIPS and Science Act. Here’s what that means for your community.

This Week in Jobs: Sweeten your career with these 31 open tech roles

14 tech community events to be thankful for in November

Startups in the DC region are opting out of traditional office environments

Technically Media