Cava Group surges in stock market debut amid hopes for IPO thaw

June 15, 2023 12:43 PM EDT -- Cava Group, the Mediterranean-style restaurant chain, popped in its trading debut on Thursday, doubling from its IPO price.

Shares opened for trading at $42 each, up from its $22 initial public offering price. The offering price was higher than already raised expectations amid strong investor interest.

As of 12:21 ET (16:21 GMT), the shares traded at $41.90, up 90.7%.

The company sold 14.4 million shares, raising about $318M. Cava trades on the New York Stock Exchange under the ticker symbol CAVA.

There are a number of other restaurant chains that are also considering a public listing amid a relatively slow period for IPOs. Last month, Johnson & Johnson (NYSE: JNJ) spun off its consumer health business into an IPO of Kenvue Inc (NYSE: KVUE).

Lined up in the queue for a possible IPO are soup and sandwich chain Panera Bread and Fogo De Chao, a Brazilian steakhouse.

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