Café chain Black Rock Coffee Bar has announced that it aims to achieve a valuation of up to $860.7m through its New York initial public offering (IPO).
The chain is looking to raise as much as $265m by floating 14.7 million shares, with an expected price range between $16 and $18 per share.
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According to its filings with the Securities and Exchange Commission, Black Rock Coffee Bar reported a growth in same-store sales, which surged 10.9% in the quarter ending 30 June 2025 compared to the same period of the previous year.
Founded in 2008, it has evolved from a single stand in Oregon to a chain with more than 150 drive-through locations across seven US states from the Pacific Northwest to Texas.
The brand is known for its hot and iced coffees and energy drinks. Most of its coffee beans are sourced from Ethiopia, Mexico, Colombia and Brazil.
The prospectus indicates that fluctuations in the cost or availability of Arabica coffee beans, dairy and other commodities could potentially affect the business negatively.
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By GlobalDataBlack Rock Coffee Bar also anticipates tariff exposure related to coffee beans, refrigeration units and espresso machines.
A consortium of financial institutions, JP Morgan, Morgan Stanley, Baird and Jefferies, is acting as book-running manager for the IPO.
Stifel and William Blair are also involved as additional book-running managers, with Raymond James as the lead manager.
In 2024, the chain expanded its presence with the launch of its first store in Arvada in the US state of Colorado.
It also expanded its store footprint by opening its sixth store in Austin, Texas. The location at the Trails at 620 opened on 2 August 2024.
