Mario Tama | Getty Images News | Getty ImagesThe stock opened at $42 per share, giving the company a market value of $4.68 billion.its IPO at $22 per share on Wednesday, above the expected range of $19 to $20. The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion.
. The chain built a customer base by introducing some eaters to ingredients like harissa and tahini and positioning itself as a healthy and convenient option. The company also sells its dips, spreads and salad dressings in grocery stores.in 2018, taking the rival Mediterranean chain private for $300 million. It's spent the last five years converting Zoes Kitchen locations into Cava restaurants, contributing to its footprint of 263 locations as of April 16.
The restaurant company plans to use the proceeds from its IPO for new location openings and general corporate purposes. Cava adds to the growing number of publicly traded fast-casual chains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.
More recently, salad chain Sweetgreen went public in November 2021. It now has a market value of $1.2 billion. Investors have dinged the stock for the company's lack of profit, although shares have climbed more than 25% this year.
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