Cava shares soared in debut IPO

16.06.2023

Cava (CAVA) debuted on the New York Stock Exchange on Thursday, and it looks like Wall Street investors want, at least initially, to take a big bite.

Shares of the Mediterranean fast-food chain closed at $43.30, valuing the restaurant chain at about $4.8 billion, nearly double the company’s Wednesday night stock price of $22 a share, which valued the company at $2.5 billion.

Cava originally sought to list its common stock at $17 to $19 a share, valuing Cava at about $2.1 billion; last Monday, the company raised that range to $19 to $20.

Cava’s IPO is the sixth-largest offering on a U.S. exchange this year.