Friday 16 June 2023

Shares in restaurant chain Cava soar as much as 113% after IPO

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Cava's shares opened trading Thursday at $42 and rose as much as 113%. The shares were up 88% to $41.30 at 12:55 p.m. in New York trading, giving the company a market value of $4.6 billion. The company sold more than 14 million shares for $22 each Wednesday after marketing them for $19 to $20, a range it had elevated earlier.

The Irvine, California-based startup, which makes R1T pickup trucks and R1S SUVs, has been developing its own drive unit to lower costs and reduce dependency on suppliers.






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