(Adds background on Cava's 2018 acquisition, U.S. IPO market)
Feb 6 (Reuters) - Cava Group Inc said on Monday the
restaurant chain had confidentially filed with the Securities
and Exchange Commission to go public in the United States,
signaling resilient fast-food sales from pent-up demand since
the pandemic.
The total number of shares to be offered and the price range
for the proposed offering have not yet been determined, the
company said on Monday.
In 2018, the company agreed to acquire publicly listed peer
Zoe's Kitchen Inc for around $300 million including debt in a
deal that would create the largest restaurant operator in the
Mediterranean category and expand Cava's footprint from 66
locations to 327 in 24 U.S. states.
Still, Cava is among a handful of companies testing the U.S.
IPO markets at a time few are. Solar technology firm Nextracker
last week said it was aiming to raise up to $534.9 million in
its U.S. initial public offering.
Decades-high inflation and the fallout from the
Russia-Ukraine conflict roiled financial markets and pushed
recently listed companies below their offering prices through
most of last year.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini
Ganguli)
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