American restaurant chain Cava was valued at around $4.7 billion on Thursday as its stock price more than doubled in initial public offering (IPO) of its shares on the New York Stock Exchange (NYSE). The company, under the symbol of "CAVA" on NYSE, priced its IPO at $22 per share, but it opened at $42 per share on Thursday and soared 112% to as high as $46.75 during the day. The Mediterranean fast-casual chain said in a statement Wednesday it intends to use the net proceeds from the IPO to fund future new restaurant openings and general corporate purposes. They will also be used for the repayment of delayed draw-term loans to finance construction and capital expenditures for its new production facility in Verona, Virginia. The company has more than 260 locations across the US.
Source: Anadolu Agency
