Cava Group Inc.’s stock CAVA received a rather warm reception in its Wall Street debut, as it opened 90.9% above its initial public offering price. The Mediterranean fast-casual restaurant chain’s 14.4-million share IPO priced late Wednesday at $22 a share, above the most recently expected range of between $19 and $20 a share. The stock’s first trade on the New York Stock Exchange (NYSE) was at $42 at 11:43 a.m. Eastern for 1.4 million shares. That opening price valued the company at $4.78 billion. Since the opening, the stock has extended gains, to be up 105.9% in recent trading. Cava went public at a time of keen investor interest in IPOs, as the Renaissance IPO exchange-traded fund IPO has run up 22.1% over the past three months while the S&P 500 SPX has advanced 13.3%.
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