Cava Group Stock Up 4.24% Since IPO

Cava Group CAVA opened up its shares for public trading for the first time since it filed for IPO in May 2023. The company agreed to initially offer 14.44 million shares to the public at $22.00 per share. On its first day of trading, the stock increased 4.24% from its opening price of $42.0 to its closing price of $43.78.

Cava Group Performance On First Day of Trading

About Cava Group and It's IPO

CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale.

For its IPO, CAVA agreed to offer 14.44 million shares at a price of $22.00 per share, with an insider lock-up period of 180 days, ending on December 12, 2023.

An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.

Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.