Fast-casual restaurant brand Cava is planning to start the promotion of its initial public offering (IPO), the Wall Street Journal reported.
The report says Cava executives will begin a roadshow on 6 June 2023 to attract more investors.
The Mediterranean-themed restaurant chain intends to sell its shares at a price ranging between $17 to $19 per share, which would value the restaurant brand at $2.2bn.
Last month, the restaurant brand filed an IPO to go public in the US.
In its filing, Cava noted: “Over the past 12 years, we have established ourselves as the only national player at scale in the fast-growing Mediterranean category, with more than twice the number of restaurants compared to our next largest competitor in the category.
“Our brand and our opportunity transcend the Mediterranean category to compete in the large and growing limited-service restaurant sector, as well as the health and wellness food category.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“Whether it is an in-restaurant order, an order picked up in-restaurant, a drive-thru pick-up order or a delivery order, Cava’s easy and quick access has been key to our success and is expected to strengthen as we further enhance channels of access for our guests.”
Cava said it plans to open 1,000 locations nationwide by 2032 and more in 2024.