Fast-casual chain Cava files for IPO

Cava, the Washington, D.C.-based fast-casual Mediterranean restaurant chain, has filed for an IPO, according to an SEC filing.

Why it matters: The frozen IPO market is continuing to crack as the restaurant industry sees a post-pandemic surge in sales.

Details: The company will trade on the New York Stock Exchange under the ticker symbol CAVA.

By the numbers: Revenue last year grew 12.8% year over year to about $564 million from approximately $500 million.

• Loss before income tax grew to nearly $59 million, however, from about $37 million.
• Adjusted EBITDA in 2022 was $12.6 million compared to $14.6 million for 2021.
• It has nearly $23 million in cash and cash equivalents with its liabilities largely consisting of leases.

The latest: Growth has accelerated this year while losses have narrowed.

• Revenue for the 16 weeks that ended April 16 grew 28% year over year to about $203 million from approximately $159 million.
• Over that same period this year, losses before income taxes have narrowed to $2 million from nearly $20 million.
• Cava locations have also generated 28% in comparable sales growth and nearly $17 million in EBITDA so far this year.
• As of April 16, the company had 263 locations and plans to open another 34 to 44 units by the end of this year.

Catch up fast: Cava acquired rival Zoe's Kitchen in 2018 for an enterprise value of $300 million.

• The company has been converting Zoe's Kitchen locations to Cava.