Even as the technology industry and investors wait for heavily venture-backed companies like Turo, Reddit and Instacart to go public, Cava is heading out and powering its own debut.
The company set an initial IPO price range this week, indicating what it may be worth once it’s public. This is also a chance for us to check our valuation estimates.
Cava intends to sell 14.4 million shares between $17 and $19 each. The IPO will raise hundreds of millions of dollars. (Note that if Cava’s underwriters exercise their option to purchase more equity at the IPO price, that number could go up to 16.6 million shares.)
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Cava, a fast-casual chain that serves Mediterranean food, may seem like an odd choice for TechCrunch to cover. However, the company has raised extensive private capital, including venture funds, and is worth more than $1 billion. This IPO will recycle funds currently locked up in its illiquid shares back to investors, and that matter …
