Mediterranean fast-casual restaurant chain Cava priced its initial public offering at $22 per share, above a previously stated range, the company said Wednesday.
Cava said it sold 14.4 million shares, which at a price of $22 per share, raises nearly $318 million.
At $22 per share, the company is valued at roughly $2.45 billion, based on an outstanding share count of more than 111 million shares.
Last year, Cava reported net sales of $564.1 million, up 12.8% from the year prior.
However, its reported net loss was $59 million, wider than a net loss of $37.1 million in 2021.
Persons:
Cava, — CNBC's Amelia Lucas
Locations:
Cava, Pasadena , California