(Tiper Stock Exchange) – Quarry Groupa company that operates a chain of Mediterranean-style fast-casual restaurants in the United States, has raised the fork for his initial public offering (IPO) on Wall Street. It now expects the price of the 14,444,444 shares of common stock on offer to be in the range of $19 to $20 per share (up from $17 to $19 previously speculated). The shares will debut Thursday on New York Stock Exchange (NYSE) with the ticker “QUARRY”.
Assuming the IPO closes at the midpoint of the estimated price range, the company will receive net proceeds approximately $260.8 million since listing. Cava intends to use the net proceeds for theopening of new restaurants and for general corporate purposes, the prospectus reads.
The sales total Cava increased from $45.4 million in 2016 to $564.1 million in 2022, for a CAGR of 52.2%. The company has registered a net loss of $59 million last year, compared to -37.4 million in 2021.