Cava is now a publicly traded company
Cava has gone public!
The D.C.-based Mediterranean restaurant's shares started trading on the New York Stock Exchange Thursday morning. They were initially priced at $22 but by the end of the day, the fast-casual chain's shares closed at $43.78.
"Today marks an exciting milestone for us: we’re now a publicly traded company!" Cava tweeted. "This step allows us to expand our mission of bringing heart, health, and humanity to food—all with the same warmth and deliciousness you know and love.
"We’re incredibly grateful for all of you in our CAVA community—the garlic dressing devotees, pita power users, skhug supporters. Today is possible because of you. So pull up a seat at the table and settle in. We’re so thankful you’re on this journey with us."
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Cava files for IPO as leader of Mediterranean fast-casual restaurants
The D.C.-based Mediterranean chain restaurant Cava has officially filed for an initial public offering with the Securities and Exchange Commission.
The company, which was founded by three friends — Dimitri Moshovitis, Tex Xenohristos and Ike Grigoropoulos — opened its first Cava Mezze restaurant in 2006 in Rockville. The Maryland friends have since expanded the fast-casual format, Cava, to locations in California, Connecticut, Massachusetts, North Carolina, New Jersey, New York, and Texas.
D.C. Mayor Muriel Bowser congratulated the company in a Tweet, saying: "We know that the District is a hub for people with big ideas and a drive to make a difference. Cava is a mission-driven restaurant chain based in Washington, DC — and today, we are #DCProud to congratulate them on going public!"
To celebrate being listed on the NYSE, Cava handed out free juices, spicy falafel, and pita chips to New Yorkers.