Cava prices IPO at $22 per share, sources say, above stated range

Mediterranean fast-casual restaurant chain Cava priced its initial public offering at $22 per share on Wednesday, people familiar with the matter told CNBC’s Leslie Picker.

The company on Monday raised its pricing expectations to a range of $19 to $20 per share. It planned to sell 14.4 million shares, according to filings with the Securities and Exchange Commission, which at a price of $22 per share would raise nearly $318 million.

At that pricing level, the company would be valued at roughly $2.45 billion, based on an outstanding share count of more than 111 million shares.

Shares are expected to debut on the public markets Thursday and trade under the stock symbol CAVA.

Cava, founded in 2006, opened its first location in 2011 and now operates more than 260 restaurants. It’s drawn frequent comparison to Chipotle Mexican Grill for its build-your-own-entree style of dining.

Last year, Cava reported net sales of $564.1 million, up 12.8% from the year prior. However, its reported net loss was $59 million, wider than a net loss of $37.1 million in 2021.

— CNBC’s Amelia Lucas contributed to this report.

Correction: Cava raised its pricing expectations for its initial public offering on Monday. An earlier version of this story misstated the day.

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