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SCOTTSDALE, Ariz. - Black Rock Coffee Bar, Inc. (NASDAQ:BRCB) has completed its initial public offering, raising $338.2 million in gross proceeds, the company announced Monday.
The coffee chain sold 16,911,764 shares of Class A common stock at $20.00 per share, including the full exercise of underwriters’ option to purchase an additional 2,205,882 shares.
Founded in 2008 in Beaverton, Oregon, Black Rock Coffee Bar has grown from a single 160-square-foot location to more than 150 stores across seven states from the Pacific Northwest to Texas. The company describes itself as an operator of drive-thru coffee bars offering premium caffeinated beverages. InvestingPro analysis reveals the company generated revenue of $161 million in the last twelve months, with a healthy gross profit margin of 49%. However, the company is not yet profitable, as highlighted in one of 10+ exclusive InvestingPro Tips available for subscribers.
The company’s shares began trading on the Nasdaq Global Market under the ticker symbol "BRCB" following the offering.
J.P. Morgan, Jefferies, Morgan Stanley and Baird served as lead book-running managers for the offering, with Stifel and William Blair acting as additional book-running managers. Raymond James acted as lead manager.
The IPO comes after the company’s registration statement was declared effective by the Securities and Exchange Commission on September 11, according to the press release statement.
Black Rock Coffee Bar claims to be the largest fully company-owned coffee retailer in the United States.
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