Fast-casual restaurant chain Cava soars in market debut, raising $318 million

Cava, a Mediterranean fast-casual restaurant chain, raised $318 million in an initial public offering and saw its shares more than double.
The successful IPO and 112% share price increase values Cava at $4.7 billion and marks one of the few bright spots in a dismal year for listings on US exchanges.
Cava plans to use the proceeds from its IPO to open more locations and reach 1,000 restaurants within 10 years.
The blockbuster debut signals that companies like Fogo de Chão, Fat Brands, and Panera Bread may follow through on intentions to go public.
Cava’s former CEO and current board chair, who was formerly CEO of Panera, holds an 11% stake in the company now worth $535 million.