Cava Group, the Mediterranean-focused fast-casual restaurant chain that’s making its trading debut on Thursday, is confident it has access to enough funding to expand its business and make a profit, according to Chief Financial Officer Tricia Tolivar.The company raised $317 million in its initial public offering, which priced above its proposed range on Wednesday at $22 a share. The company issued 14.4 million shares at a valuation of $2.45 billion.
“We’re finding Cava restaurants are really resonating in all locations from Back Bay, Boston, to Birmingham, Alabama, and we’re confident we can continue to expand and grow,” she said. The company has grown revenue at a 52.2% compound annual growth rate from fiscal 2016 to fiscal 2022. However, net losses have also grown, widening to $59 million in fiscal 2022 from $37.4 million in fiscal 2021.
The company has a robust list of real estate and motivated workers, she added. Since 2016, it has offered restaurant staff a $13-an-hour starting wage, which means it’s not playing catchup now, as other restaurants are doing.
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