Feb 6 (Reuters) – Cava Group Inc said Monday the restaurant chain has filed confidentially with the Securities and Exchange Commission to list it in the United States, signaling resilient fast-food sales on pent-up demand since the pandemic.
The total number of shares to be offered and the price range for the proposed offering are yet to be determined, the company said on Monday.
In 2018, the company agreed to acquire publicly traded competitor Zoe’s Kitchen Inc for approximately $300 million including debt to create the largest restaurant operator in the Mediterranean category and expand Cava’s presence from 66 locations to 327 in 24 US – to expand states.
Still, Cava is among a handful of companies testing the U.S. IPO markets at a time when few are. Solar technology company Nextracker said last week it aims to raise as much as $534.9 million in its U.S. IPO.
Decades of inflation and the aftermath of the Russia-Ukraine conflict have rattled financial markets, keeping recently listed companies below their asking prices for most of the past year.
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Reporting by Mehnaz Yasmin in Bengaluru; Editing of Shinjini Ganguli
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