Restaurant chain Cava confidentially files for U.S. IPO

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Feb 6 (Reuters) – Cava Group Inc said on Monday the restaurant chain had filed confidentially with the Securities and Exchange Commission to go public in the United States, signaling a sale of fast-food resilient from pandemic-induced demand.

The total number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said on Monday.

In 2018, the company agreed to acquire publicly listed peer Zoe’s Kitchen Inc for approximately $300 million including debt in a deal that would create the largest restaurant operator in the Mediterranean category and expand the footprint of ‘ Cava from 66 places to 327 in 24 states of the United States.

Still, Cava is among a handful of companies testing the US IPO markets in the near future. Solar technology firm Nextracker last week said it was aiming to raise up to $534.9 million in its US initial public offering.

Decades of high inflation and the fallout from the conflict between Russia and Ukraine have strengthened financial markets and driven recently quoted companies below their offer prices for most of the year. last year’s great. (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguli)

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