This week has seen a series of initial public offerings from tech companies, including market debuts from the flexible payments fintech Klarna Group and the blockchain lender Figure Technology Solutions.
But today is about the food service industry, with Black Rock Coffee Bar expected to make its debut on the Nasdaq after pricing shares on Thursday.
Black Rock Coffee Bar will offer 14,705,882 shares of Class A common stock under the ticker BRCB.
It will be priced at $20 per share, exceeding its initial prediction of $16 to $18 per share and totaling $294.1 million. Its underwriters have 30 days to buy another 2,205,882 shares of its Class A common stock at a set price of $20 per share.
The coffee chain’s store revenue for the 12 months ending June 30, 2025, was $179 million.
A humble origin story
Black Rock Coffee Bar started in 2008 in Beaverton, Oregon, as a 160-square-foot drive-thru location.
The company has since moved its base to Scottsdale, Arizona, and runs over 150 stores throughout Arizona, California, Colorado, Idaho, Oregon, Texas, and Washington.
Along with standard coffee and tea, Black Rock Coffee Bar also serves energy drinks and all-day breakfast.
The company is an aspiring rival to fellow coffee chains Dutch Bros. and Starbucks.
The former has a similar model of prioritizing drive-thrus and had a successful IPO in 2021. At the time, Dutch Bros (NYSE: BROS) jumped 70% after opening. In January, the company announced its 1,000th location, and its stock this year has outperformed the S&P 500.
Meanwhile, Starbucks (NASDAQ: SBUX) has seen its stock price drop nearly 10% this year. The world’s largest coffeehouse chain has been struggling to improve its financial picture, recently reporting its sixth consecutive quarter of declining same-store sales.
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