The IPO Buzz: CAVA Watch Jump-Starts June

Cava Group Inc. (CAVA proposed) is giving IPO investors something to talk about on the first Monday in June. The Wall Street Journal reports that the Mediterranean restaurant chain is likely to start its IPO roadshow as soon as Tuesday (June 6, 2023) “in a key test of investor appetite for fast-growing companies that are still unprofitable.”  Cava Group has not filed its IPO terms yet, according to a check of the latest SEC filings at press time.

The WSJ reported that the price range for Cava Group’s IPO is likely to be “between $17 and $19 apiece, according to people familiar with the matter,”  and “the high end of that range would value Cava at around $2.2 billion.” (The Wall Street Journal published the story online early Sunday afternoon, June 4, 2023.)

“If the roadshow is a success, the stock will list on the New York Stock Exchange under the symbol CAVA the following week,” The WSJ reported.

Play It Again

Other than the buzz about Cava Group, June gets off to a quiet start – similar to the way that May ended. Only two micro-cap IPOs are on the IPO Calendar for the week of June 5, 2023. Both of those deals – Azitra Inc. (AZTR proposed) and 60 Degrees Pharmaceuticals (SXTP/ SXTPW) – are carry-overs from last week.  Azitra cut the size of its IPO by about 38 percent, according to an SEC filing dated June 5, 2023.

No IPOs were priced last week. The four-day work week began with the U.S. stock market closed on Monday, May 29, 2023, for the Memorial Day holiday. Throughout the week, Wall Street’s focus was on the drama about whether a  deal would be reached to raise the U.S. debt ceiling and avoid the risk of default on U.S. government debt by as soon as today (Monday, June 5, 2023). The debt-ceiling legislation passed the U.S. House and the Senate in bipartisan votes.

President Biden signed the debt-ceiling legislation into law in a ceremony on Saturday afternoon.

The S&P 500 rose for a third day on Monday, up 20 percent from an October low and on track for a bull market as tech stocks rallied, Bloomberg reported.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: then scroll down to IPO Message. 

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.