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CAVA Group Priced, NYSE: CAVA

Fast-casual Mediterranean restaurant chain with over 260 locations across the US.

Industry: Consumer Discretionary

Latest Trade: $78.55 +0.63 (+0.8%)

First Day Return: +99.0%

Return from IPO: +254.2%

Industry: Consumer Discretionary

CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale. Our co-founders first opened CAVA Mezze, a full-service restaurant, in 2006. Encouraged by the popularity of CAVA Mezze, they started selling dips and spreads in grocery stores in 2008. Taking everything our co-founders learned from CAVA Mezze, we introduced our fast-casual concept in 2011, leveraging the format’s potential to bring high-quality Mediterranean food to a large market, with the speed that guests increasingly desired. We saw that our cuisine and brand resonated with consumers and we rapidly expanded our presence, growing from four restaurants as of the end of 2012 to 72 restaurants by the end of 2018. In 2018, we saw an attractive opportunity to accelerate our growth and acquired Zoes Kitchen, which provided us with significant scale and access to a large portfolio of quality real estate in target markets. As of April 16, 2023, we owned and operated 263 CAVA restaurants in 22 states and Washington, D.C., having successfully converted 145 Zoes Kitchen locations into CAVA restaurants and opened 51 new CAVA restaurants since our acquisition of Zoes Kitchen. We anticipate having 34 to 44 Net New CAVA Restaurant Openings in the remainder of fiscal 2023, which includes opening the remaining 8 conversions of Zoes Kitchen locations that we expect to complete by the fall of 2023.
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IPO Data
IPO File Date 05/19/2023
Offer Price $22.00
Price Range $19.00 - $20.00
Offer Shares (mm) 14.4
Deal Size ($mm) $318
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
IPO Data
IPO Date 06/14/2023
Offer Price $22.00
Price Range $19.00 - $20.00
Offer Shares (mm) 14.4
Deal Size ($mm) $318
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
Underwriters
J.P. Morgan
Jefferies
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Company Data
Headquarters Washington, DC, United States
Founded 2006
Employees 7,750
Website www.cava.com

CAVA Group (CAVA) Performance