More consumers are dining out and restaurants are looking to cash in.
Last week, the moribund IPO market got a boost from fast-casual Mediterranean chain CAVA Group (CAVA), whose $100 million filing makes it the first sizable restaurant to join the IPO pipeline since November 2021, when Brazilian steakhouse chain Fogo Hospitality (FOGO) filed to re-list in New York. While Fogo has yet to pull the trigger on its offering, the company has kept its prospectus fresh and remains ready to launch, most recently providing 1Q23 financials earlier this month. And on Tuesday, fast-casual restaurant Panera Brands issued a press release stating that it was preparing to return to public markets via IPO.
While the IPO market remains largely closed, restaurants...
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