A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. Mediterranean restaurant chain Cava Group made a striking first public appearance on the New York Stock Exchange on Thursday. (SPENCER PLATT/GETTY IMAGES)
In a year that’s seen a sharp decline in initial public offerings, Washington, D.C.-based Mediterranean restaurant chain Cava Group (NYSE: CAVA) made a striking first public appearance on the New York Stock Exchange on Thursday, with shares opening at $42, almost doubling their IPO price of $22.
A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. Mediterranean restaurant chain Cava Group made a striking first public appearance on the New York Stock Exchange on Thursday. SPENCER PLATT/GETTY IMAGES
Despite an over 15% fall to $37.15 on Friday, the company’s IPO performance remains noteworthy, ranking it high on the list of best performing IPOs of 2023.
So how does Cava’s IPO performance stack up against 2023 IPO high-flyers?
First, it should be noted that there have been 71 IPOs on the U.S. stock market in 2023, according to Stock Analysis — 41.8% less than at the same point in 2022. The IPO drought can be attributed to volatile markets, inflation and the Federal Reserve’s yearlong interest rate hike campaign.
The top 10 performing IPOs of 2023:
IPO Date
Symbol
Company Name
IPO Price
Current
Return
Jan 26, 2023
GNLX
Genelux Corporation
$6.00
$35.10
503.00%
Feb 3, 2023
GPCR
Structure Therapeutics Inc
$15.00
$31.99
105.67%
Mar 31, 2023
HKIT
Hitek Global, Inc
$5.00
$10.34
100.00%
Jun 15, 2023
CAVA
CAVA Group
$22.00
$38.66
99.00%
Mar 31, 2023
SFWL
Shengfeng Development Limited
$4.00
$7.61
91.25%
Feb 9, 2023
NXT
Nextracker Inc
$24.00
$41.84
77.42%
Jan 13, 2023
SKWD
Skyward Specialty Insurance Group
$15.00
$24.92
65.33%
Apr 20, 2023
USGO
U.S. GoldMining Inc
$10.00
$12.07
22.60%
May 4, 2023
KVUE
Kenvue Inc
$22.00
$26.04
18.16%
Feb 10, 2023
ENLT
Enlight Renewable Energy Ltd
$18.00
$20.09
11.61%
The 10 worst performing IPOs of 2023:
IPO Date
Symbol
Company Name
IPO Price
Current
Return
Jan 26, 2023
GNLX
Genelux Corporation
$6.00
$35.10
503.00%
Feb 3, 2023
GPCR
Structure Therapeutics Inc
$15.00
$31.99
105.67%
Mar 31, 2023
HKIT
Hitek Global, Inc
$5.00
$10.34
100.00%
Jun 15, 2023
CAVA
CAVA Group
$22.00
$38.66
99.00%
Mar 31, 2023
SFWL
Shengfeng Development Limited
$4.00
$7.61
91.25%
Feb 9, 2023
NXT
Nextracker Inc
$24.00
$41.84
77.42%
Jan 13, 2023
SKWD
Skyward Specialty Insurance Group
$15.00
$24.92
65.33%
Apr 20, 2023
USGO
U.S. GoldMining Inc
$10.00
$12.07
22.60%
May 4, 2023
KVUE
Kenvue Inc
$22.00
$26.04
18.16%
Feb 10, 2023
ENLT
Enlight Renewable Energy Ltd
$18.00
$20.09
11.61%
The above data shows the stark contrast in IPO success in 2023. Cava’s almost 100% return ranks it in fourth place among the year’s top performers.
People walk by the Mediterranean restaurant chain Cava is displayed as the company goes public on the New York Stock Exchange (NYSE) on June 15, 2023 in New York City. Cava priced its IPO at $22 per share, valuing the company at $2.5 billion. (SPENCER PLATT/GETTY IMAGES)
Genelux Corporation, a pharmaceutical company, tops the list with an astronomical 503% return. Similarly, Structure Therapeutics and Hitek Global also managed to deliver returns above 100%.
On the flip side, the poor performers list is led by The NFT Gaming Company, which has seen its value plummet by over 80% since its IPO. It is interesting to note the worst-performing IPOs are from a variety of sectors including gaming, biotech, energy and finance.
Despite the volatile economic environment and reduced IPO activity, Cava managed to stand out in the crowd.
Zenger News does not provide investment advice. Produced in association with Benzinga
