CAVA Group Inc, the Mediterranean fast-casual restaurant chain, gave investors a glimpse into its 2022 sales as the company took steps to undergo a public listing.
The restaurant chain reported a 13% increase in full-year revenue in its filing for an initial public offering (IPO).
CAVA Group's revenue rose 12.8% to $564.1 million in 2022 compared to $500 million the previous year. For the 16 weeks ending April 16, revenue increased by 28% to $203.08 million.
The company aims to capitalize on the recent success of IPOs in the United States, following the strong debuts of Kenvue and Acelyrin earlier this month.
The IPO size has not been disclosed, and underwriters for the offering include JPMorgan, Jefferies, Citigroup, and Morgan Stanley (NYSE:MS).
Founded in 2006 by Ted Xenohristos, Ike Grigoropoulos, and Dimitri Moshovitis, CAVA Group started as a single restaurant in Rockville, Maryland. The company has since expanded its presence, operating 263 locations as of the first quarter of 2023. In 2018, CAVA Group acquired Zoe's Kitchen Inc for approximately $300 million, creating the largest operator in the Mediterranean restaurant category.
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