Cava sets IPO terms, as restaurant chain is set to be valued at more than $2 billion

Cava Group Inc. has set terms for its initial public offering, in which the Washington, D.C.-based Mediterranean-focused fast-casual restaurant looks to raise up to $247.4 million. The company said it will offer 14.44 million shares in the IPO, which is expected to price between $17 and $19 a share. With 111.39 million shares expected to be outstanding after the IPO, the expected pricing would value the company at up to $2.12 billion. J.P. Morgan, Jefferies and Citigroup are the lead underwriters. The stock is expected to list on the New York Stock Exchange under the ticker symbol “CAVA.” The company reported a net loss of $2.1 million on revenue of $203.1 million during the sixteen weeks through April 16, after a loss of $20.0 million on revenue of $159.0 million in the same period a year ago. Cava is looking to go public at a time that the Renaissance IPO exchange-traded fund has rallied 7.7% over the past three months, while the S&P 500
SPX,
-0.19%
has gained 5.6%.