Restaurant chain Cava aims for $2.12 billion valuation in U.S. IPO

Cava Group, which operates a chain of Mediterranean fast-casual restaurants in the United States, said on Monday it is aiming for a valuation of up to $2.12 billion in its U.S. initial public offering.

The company intends to sell roughly 14.44 million shares priced between $17 and $19 apiece in the offering, aiming to raise up to $274.4 million based on the top end of the proposed range. Cava was founded by three friends with Greek roots — Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis. The group opened its first restaurant Cava Mezze in Rockville in 2006 and started selling its signature dips and spreads in local grocery stores within two years.

The company's listing comes at a challenging time for the U.S. public markets as dealmaking has been at a near standstill since last year, with investors grappling with heightened volatility in a rising interest rate environment. Still, there are early signs the public markets are thawing, as IPO hopefuls find themselves buoyed by improving risk-off sentiment.The company plans to list on the New York Stock Exchange under the symbol "CAVA."

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