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Mediterranean restaurant chain Cava stock soars as much as 107% in market debut

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The parent company of Mediterranean restaurant chain Cava started trading on the New York Stock Exchange.

Cava Group made its public market debut on the New York Stock Exchange under the ticker "CAVA."

Cava's debut could inspire other restaurant chains to follow its lead, helping to snap the IPO market's drought.A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange as the company goes public on June 15, 2023 in New York City.soared as much as 107% in its market debut Thursday morning before giving up some of those gains.

. 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.

 

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Mediterranean restaurant chain Cava stock soars more than 100% in market debutThe parent company of Mediterranean restaurant chain Cava started trading on the New York Stock Exchange.
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