United States (US) drive-thru chain Black Rock Coffee Bar has launched an initial public offering (IPO) and is reportedly seeking to raise US$265 million.
An IPO is the first time a business raises finances publicly. Black Rock Coffee Bar is the first US coffee company to pursue this line of financing since Dutch Bros, which in 2021 raised almost $500 million.
Black Rock Coffee Bar has released its public offering of 14,705,882 shares of its Class A common stock, with the initial price currently expected to be between $16 and $18 per share.
The company expects to grant the underwriters a 30-day option to purchase up to an additional 2.2 million shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
Founded in Oregon in 2008, Black Rock Coffee Bar has more than 150 locations and 1700 employees across seven states. Co-Founders Jeff Hernandez and Daniel Brand remain central to the business, with Hernandez acting as Executive Chairman. With a drive-thru model, the chain focuses on quick and convenient service.
