If early trading is any indication, the market has an appetite for Cava, the fast-growing Mediterranean fast-casual chain.
The company debuted on the New York Stock Exchange this morning trading at $42 per share—nearly double the company’s Wednesday night pricing of $22 per share, which was already higher than its previous target range of $19 to $20. By Thursday afternoon, the stock was trading at $46 per share, a remarkable first day for an unprofitable company that drew some skeptics pre-IPO over its market value. The company could sell up to 16.6 million shares in an overallotment option.
