Cava Prices IPO at $22 Per Share, Above Stated Range

The Mediterranean fast-casual chain Cava priced their initial public offering at 22 dollars per share.

The company's value is approximately $2.45 billion at that price level.

Cava opened their first restaurant in 2011, and they now operate more than 260.

Mediterranean fast-casual Restaurant Chain

Cava

The company priced its initial public offer at $22 per stock, which is above the previously stated range.

said Wednesday.

Cava reported that it sold 14,4 million shares at $22 a share. This raised nearly $318,000,000. On Monday, the company raised its price expectations to between $19 and $20 per share.

Based on a share count of over 111,000,000 shares, the company's value is $2.45 billion at $22 per share.

Stocks will be traded under the symbol CAVA and are expected to debut in the market on Thursday.

Cava was founded in 2006. It opened its first restaurant in 2011, and operates over 260 restaurants. It has been compared to

Chipotle Mexican Grill

for its build-your-own-entree style of dining.

Cava's net sales for the last year were $564.1 millions, an increase of 12.8% over the previous year. Cava's reported net loss in 2018 was $59m, which is higher than the $37.1m loss it had in 2021.

Amelia Lucas, CNBC's Amelia Lucas, contributed to this report.

Correction: Cava has raised its expectations on pricing for its IPO Monday. The date of the story was incorrect in an earlier version.