US coffee chain Black Rock targets $1.3b valuation in rare consumer IPO
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The news: US drive-through chain Black Rock Coffee Bar is targeting a valuation of up to USD861 million ($1.3 billion) in a US initial public offering, according to a regulatory filing.
The Scottsdale, Arizona-based operator of drive-through coffee bars filed with the US Securities and Exchange Commission and plans to list on the Nasdaq Global Market under the symbol BRCB.
The company is seeking to raise as much as USD265 million by offering 14.7 million shares at USD16 to USD18 each, the documents say.
The context: The listing marks one of the few consumer-sector IPOs in a market largely driven by tech floats. It will join US-listed rivals Starbucks and Dutch Bros, and follows the most recent major restaurant IPO, Cava Group’s USD365 million raise in 2023.
Founded in Oregon in 2008 with a single stand, Black Rock has grown into a 158-store drive-through chain across seven states, serving coffee, iced teas, energy drinks and breakfast food.
For the three months ended June 30, it reported a net loss of USD1.1 million on revenue of USD50.4 million, compared to a net loss of USD522,000 on revenue of USD40.6 million a year earlier. Same-store sales rose 10.9% in that period.
The offering is being led by JPMorgan, Jefferies, Morgan Stanley and Baird.
The sources: SEC filing , Bloomberg
