Restaurant Chain Cava Almost Doubles After $318 Million IPO
- Cava shares rise 99% for one of best trading debuts since 2021
- Strong debut stands out amid dearth of US-listed IPOs
Cava’s shares, which opened trading Thursday at $42, were up as much as 113% to $46.75.
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Fast-casual restaurant chain Cava Group Inc. almost doubled in its trading debut after exceeding the target for its initial public offering by raising $318 million, delivering one of the biggest first-day gains in two years.
Cava’s shares closed trading Thursday at $43.78 in New York, a 99% gain from the IPO price to give the company a market value of almost $4.9 billion. The company sold more than 14 million shares for $22 each Wednesday after marketing them for $19 to $20, a range it had elevated earlier.