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.