Fast-casual restaurant chain Cava Group Inc. exceeded its target by raising $318 million in an initial public offering, the biggest listing on a US exchange in six weeks.
Cava sold more than 14 million shares for $22 each after marketing them for $19 to $20, a range it had elevated earlier, according to a company statement Wednesday. At the IPO price the company has a market value of $2.45 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
The Mediterranean eatery’s IPO is the sixth-largest on a US exchange this year, according to data compiled by Bloomberg.
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