Cava raises IPO price range to $19 to $20 a share vs. $17 to $19 previously

Cava Group
CAVA,
,
the Mediterranean-focused fast-casual restaurant chain, revised the terms of its initial public offering on Monday, raising its proposed price range to $19 to $20 a share from $17 to $19. The company is planning to list on the New York Stock Exchange under the ticker CAVA. JPMorgan, Jefferies and Citigroup are lead underwriters in a team of eight banks working on the deal. Its IPO filing documents show strong top-line growth, with a 56.2% compound annual growth rate from fiscal 2016 to fiscal 2022. However, net losses widened to $59 million in fiscal 2022 from $37.4 million in fiscal 2021.The company was founded in 2006 as a full-service restaurant called Cava Mezze and later started selling its dips and spreads in grocery stores. In 2011, it launched its fast-casual concept. The company has grown its network of restaurants to 263 in the first quarter of 2023 from 22 in 2016, after acquiring rival Zoës Kitchen in 2018 in a $300 million deal. The Renaissance IPO ETF
IPO,
+1.06%
has gained 26% in the year to date, while the S&P 500
SPX,
+0.21%
has gained 12%.