The IPO Buzz: Cava Group (CAVA Proposed) Files Terms for $260 Million IPO

Just like that: Cava Group (CAVA proposed) filed terms early Monday afternoon for its IPO – 14.44 million shares at $17 to $19 – to raise $260 million, according to an S-1/A filing dated June 5, 2023. The Mediterranean restaurant chain’s IPO filing followed an unofficial CAVA Watch party kicked off on Sunday afternoon by The Wall Street Journal, which reported that Cava Group intended to launch its IPO roadshow as early as Tuesday in a test of whether an unprofitable company could go public in today’s IPO market.

Cava Group expects to price its IPO next week – on Wednesday, June 14, 2023 – to trade Thursday, June 15, 2023 – on the New York Stock Exchange.

A pricing at the $18.00 mid-point would give Cava Group a market capitalization or valuation of about $2.0 billion – and a pricing at the $19.00 high end would give Cava a market cap of about $2.12 billion.

J.P. Morgan, Jefferies, Citigroup, Morgan Stanley and Piper Sandler are the lead joint book-runners of Cava Group’s IPO.

Stay tuned.