The Cava logo is displayed at the Cava location in Pasadena, California, on February 6, 2023.
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mediterranean fast casual restaurant chain vein The company priced its IPO at $22 a share, above a previously set range said Wednesday.
Cava said it sold 14.4 million shares at $22 each, raising nearly $318 million. The company on Monday raised its pricing forecast to $19 to $20 a share.
At $22 a share, the company is worth about $2.45 billion, based on more than 111 million shares outstanding.
The shares are expected to list on the open market on Thursday under the ticker symbol CAVA.
Founded in 2006, Cava opened its first location in 2011 and currently operates more than 260 restaurants.it is often compared Chipotle Mexican Grill Known for its homemade entree style.
Last year, Cava’s net sales were $564.1 million, up 12.8% year-over-year. However, its reported net loss of $59 million was larger than the 2021 net loss of $37.1 million.
— CNBC’s Amelia Lucas contributed to this report.
Correction: Cava raised its IPO pricing expectations on Monday. An earlier version of this story incorrectly stated the date.