(Bloomberg) -- Cava Group Inc. is seeking to raise as much as $274 million in an initial public offering, which would value the Mediterranean fast-casual restaurant chain at about $2.1 billion.
The Washington-based company plans to market more than 14 shares for $17 to $19 each, according to a filing Monday with the US Securities and Exchange Commission.
With IPOs down from an all-time high in 2021, a listing at the top of Cava’s range would put it among the top 10 offerings on a US exchange so far this year.
Cava’s revenue has climbed while its losses have shrunk year over year. For the 16-week period ended April 16, it had a net loss of $2.1 million on revenue of $203 million, compared with a loss of $20 million on revenue of $51 million during that period last year, according to the filing.
The company now has 263 restaurants, compared with 22 in 2016, it said.
The offering is being led by JPMorgan Chase & Co., Jefferies Financial Group Inc. and Citigroup Inc. The company plans for its shares to trade on the the New York Stock Exchange under the symbol CAVA.
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