Cava Group Inc said on Monday 6 February the restaurant chain had confidentially filed with the Securities and Exchange Commission to go public in the United States, signaling resilient fast-food sales from pent-up demand since the pandemic.
Details
The total number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said on Monday.
In 2018, the company agreed to acquire publicly listed peer Zoe's Kitchen Inc for around $300 million including debt in a deal that would create the largest restaurant operator in the Mediterranean category and expand Cava's footprint from 66 locations to 327 in 24 US states.
Still, Cava is among a handful of companies testing the US IPO markets at a time few are. Solar technology firm Nextracker last week said it was aiming to raise up to $534.9 million in its US initial public offering.
Additional Information
Decades-high inflation and the fallout from the Russia-Ukraine conflict roiled financial markets and pushed recently listed companies below their offering prices through most of last year.
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