Cava Group, owner of a 263-unit Mediterranean fast-casual restaurant chain, is seeking to raise $274.4 million by going public in a move that values the business at $2.1 billion in a year when relatively few eateries are embarking on stock sales.

The Washington, D.C.-based company filed a detailed prospectus with the Securities and Exchange Commission for its initial public offering on Monday.

In February, Cava became the first U.S. restaurant company to seek to go public this year, confidentially filing for an IPO without giving a price range or number of shares. Cava on Monday said it is looking to sell abut 14.14 million shares at between $17 and $19 each, which would raise $274.4 million on the high end of that range, valuing the company at about $2.1 billion.

In 2021, companies such as Sweetgreen and Krispy Kreme went public, but there were few such filings last year. But this year not only Cava but Panera Brands, the Fenton, Missouri-based parent of Panera and Einstein Bros. Bagels, are among others are expected to seek to go public, according to The Wall Street Journal. Panera pulled a planned IPO last year.

In its SEC filing, Cava said it its total revenue had risen from $45.4 million in fiscal 2016 to $564.1 million in fiscal 2022, and from $159 million in the first quarter of 2022 to $203.1 million in the first quarter this year, an increase of roughly 28%.

The company reported a net loss of $59 million in fiscal 2022 compared to $37.4 million in fiscal 2021, and $2.1 million in the first quarter this year compared with $20 million in the first quarter of 2022.

In its filing, Cava said it is positioned to perform well as Americans clamor for ethnic food and healthier fare. The Mediterranean diet has been lauded by some medical experts as heart-healthy and a way to keep weight in check, and has been ranked the #1 best diet overall by U.S. News & World Report for six years in a row. It focuses on fresh produce, whole grains, legumes, fatty fish, nuts and healthy fats.

"The ethnic diversity of the U.S. population continues to increase with approximately 48% of Gen Z consumers identifying as members of a minority group, as compared to 39% of millennials," Cava said in its filing. "This melting pot of cultures fuels the ever-growing consumer interest in exploring new and exciting cuisines, and we believe Cava is optimally positioned to capitalize on this generational shift."

According to the filing, "the Mediterranean category, which was estimated to be almost $40 billion in 2021, is a notable growth area within the restaurant industry as the American palate becomes more drawn to unique and exciting flavors while still focusing on health."

It added that "as the first and only Mediterranean brand at scale, Cava shapes and defines the category; we believe Mediterranean cuisine is growing significantly as consumers become more familiar with our brand and our strong, authentic, craveable, on-trend flavors."

In a letter included in the SEC filing, Cava CEO Bret Schulman described how the chain was founded by three friends of Greek descent: Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis.

They debuted their first restaurant, Cava Mezze, in Rockville, Maryland, in 2006.