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Cava restaurant chain soars in stock market debut, hits $4.7B valuation

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Investors are warming up to IPOs this year after a volatility-fueled 2022 curbed appetite for new listings and fueled a risk-off sentiment.

“The fact that CAVA is unprofitable and generating this level of interest is certainly an important development,” Matthew Kennedy, senior IPO market strategist at Renaissance Capital told Reuters, adding that IPO activity will gradually normalize in the second half of the year.

A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange on Thursday.“We think the markets are always welcoming long-term sustainable growth stories, especially category defining brands, as we try and define the Mediterranean category,” Cava co-founder and CEO Brett Schulman said.

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