• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy

2

CEO says anyone who works from home is grabbing groceries or at the vet 30% of the time—and shows off his busy office at Friday 5 p.m. to prove it

3

Current price of oil as of June 3, 2026

1

Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy

2

CEO says anyone who works from home is grabbing groceries or at the vet 30% of the time—and shows off his busy office at Friday 5 p.m. to prove it

3

Current price of oil as of June 3, 2026
FinanceIPOs

Cava’s blockbuster IPO has an unlikely winner: The former CEO of Panera whose stake is now worth about $535 million

By
Lucy Brewster
Lucy Brewster
Down Arrow Button Icon
By
Lucy Brewster
Lucy Brewster
Down Arrow Button Icon
June 15, 2023, 4:36 PM ET
Cava debuted on the New York Stock Exchange with shares priced at $42.
Cava debuted on the New York Stock Exchange with shares priced at $42.Spencer Platt—Getty Images

If early trading is any indication, the market has an appetite for Cava, the fast-growing Mediterranean fast-casual chain.

Recommended Video

The company debuted on the New York Stock Exchange this morning trading at $42 per share—nearly double the company’s Wednesday night pricing of $22 per share, which was already higher than its previous target range of $19 to $20. By Thursday afternoon, the stock was trading at $46 per share, a remarkable first day for an unprofitable company that drew some skeptics pre-IPO over its market value. The company could sell up to 16.6 million shares in an overallotment option.

Who has the most to gain from the company’s public market success? Former CEO of Panera and current Cava board chair Ron Shaich has a sizable 11% stake in the company, according to Cava’s securities filings. His 11.6 million shares are roughly worth a staggering $535.7 million at the stock’s current share price of $46 per share. Cava CEO Brett Schulman told Fortune yesterday that Shaich’s expertise has proved invaluable to the company. “Ron is kind of guiding us up Mount Everest as we climb the mountain,” said Schulman. “He is making sure we are wary of where we step and making sure we don’t take a wrong turn. Having done this at scale, he really helps us think through strategy to be able to scale successfully,” Schulman added.

The executive team stands to see a lucrative return from their stakes. Schulman owns a 2.2% stake in the company. His current shares are worth $97 million while the stock is trading at $46 per share. Yesterday, he explained to Fortune that he saw the company’s investment in manufacturing infrastructure and its plans for store expansion as paths to profitability. “I think public markets are always welcoming to long-term, sustainable category-defining growth stories,” he said.

As a whole, the 15-member executive team owns about a 14% stake combined. CFO Tricia Tolivar owns 123,723 shares, which is less than 1% of the company but now worth about $5.7 million with shares trading at $46. Cofounder of Cava Theodoros Xenohristos, who serves on the firm’s board and holds the role of chief concept officer, holds the most shares after Shaich and Schulman. His stake is now worth $25.8 million.

Institutional investors also stand to see a windfall from the IPO. The equity investment firm Invus is Cava’s largest shareholder through its affiliate company Artal, owning a 29% stake that is worth a staggering $1.5 billion after the IPO as shares trade at $46. SWaN & Legend Venture Partners owns 10% of the company post IPO, and its shares are worth $515.9 million.

About the Author
By Lucy Brewster
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

SpaceX and Anthropic are about to go public—and your 401(k) may be forced to buy in
InvestingSpaceX
SpaceX and Anthropic are about to go public—and your 401(k) may be forced to buy in
By Catherina GioinoJune 4, 2026
54 minutes ago
What Christie’s $1.45 billion blockbuster art auction tells us about the ‘Great Wealth Transfer’
InvestingWealth
What Christie’s $1.45 billion blockbuster art auction tells us about the ‘Great Wealth Transfer’
By Phil WahbaJune 4, 2026
2 hours ago
Elon Musk, wearing all black, smiles and looks to the side.
InvestingSpaceX
A dying satellite company sold spectrum to Elon Musk—and turned $11.1 billion in SpaceX stock into the Fortune 500’s best shareholder return
By Sasha RogelbergJune 4, 2026
2 hours ago
American Airlines is suspending some summer routes thanks to the cost of jet fuel
Travel & LeisureAmerican Airlines Group
American Airlines is suspending some summer routes thanks to the cost of jet fuel
By The Associated Press and Wyatte Grantham-PhilipsJune 4, 2026
2 hours ago
US Secretary of Treasury Scott Bessent testifies during a Senate Finance Committee hearing concerning the fiscal year 2027 budget for the Treasury Department, on Capitol Hill in Washington, DC, on June 3, 2026. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)
Economynational debt
10,000 Boomers a day, $39 trillion in debt, and no benefit cuts: Bessent stakes Social Security on the Trump economy
By Nick LichtenbergJune 4, 2026
2 hours ago
Isolated Gen Z worker in office
SuccessGen Z
Gen Zers are more disconnected and distrustful of coworkers than their older colleagues—and they’re so lonely they’re taking days off work
By Emma BurleighJune 4, 2026
2 hours ago

Most Popular

Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy
Cybersecurity
Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy
By Sasha RogelbergJune 3, 2026
1 day ago
CEO says anyone who works from home is grabbing groceries or at the vet 30% of the time—and shows off his busy office at Friday 5 p.m. to prove it
Success
CEO says anyone who works from home is grabbing groceries or at the vet 30% of the time—and shows off his busy office at Friday 5 p.m. to prove it
By Orianna Rosa RoyleJune 4, 2026
11 hours ago
Current price of oil as of June 3, 2026
Personal Finance
Current price of oil as of June 3, 2026
By Joseph HostetlerJune 3, 2026
1 day ago
Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent
Environment
Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent
By Marco Quiroz-GutierrezJune 1, 2026
3 days ago
A single new sentence in SpaceX's amended IPO filing could signal the biggest merger in history
Startups & Venture
A single new sentence in SpaceX's amended IPO filing could signal the biggest merger in history
By Shawn TullyJune 4, 2026
11 hours ago
Southwest exec says the free bag and assigned seating overhaul is already paying off
Travel & Leisure
Southwest exec says the free bag and assigned seating overhaul is already paying off
By Preston ForeJune 2, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.