2023-06-22 14:50:08 ET
CAVA Group ( NYSE: CAVA ) moved up 2.69% on Thursday as the restaurant stock continued to hold on to most of its gain over the IPO pricing level.
The public launch of CAVA marks the second successful IPO for company chairman Ron Shaich, who led Panera until it was bought out by JAB in 2017. In an interview, Shaich said his initial attraction to CAVA was the focus on a Mediterranean segment for which a clear dominant chain was not present. "The key is having authority... We often co-located Panera next to Starbucks, because we knew they had authority on beverages and we had it on food," he noted to Axios. Growth is still on the menu after Shaich grew CAVA to 250 locations. Looking ahead, Cava ( CAVA ) plans to open between 60 and 70 new stores in 2023, with a 15% target for annual store growth to take it up to 1,000 total stores by 2032.
Shares of CAVA ( CAVA ) were up 2.24% to $39.20 at 2:48 p.m. on volume of over 850K. The IPO was priced at $22 per share and the high mark was $47.89.
What to watch: The analyst quiet period on CACA Group ( CAVA ) ends on June 15 to free up analysts to post ratings. The first earnings report could come within the next two months.
More on Cava
- CAVA Group: IPO Feels Like It's 2021 Again
- New York Stock Exchange President sees Cava debut ending drought of IPOs
- CAVA Group financials
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CAVA is still flying high a week after its IPO