Raymond James initiates QXO stock with Outperform rating on acquisition strategy
Black Rock Coffee Bar announced the launch of its initial public offering of 14,705,882 shares of Class A common stock with an expected price range of $16.00 to $18.00 per share, according to a company statement.
The coffee chain has granted underwriters a 30-day option to purchase up to an additional 2,205,882 shares at the IPO price, minus underwriting discounts and commissions. The company has applied to list its Class A common stock on the Nasdaq Global Market under the ticker symbol "BRCB."
J.P. Morgan, Jefferies, Morgan Stanley and Baird serve as lead book-running managers for the offering. Stifel and William Blair act as additional book-running managers, while Raymond James serves as lead manager.
The company filed a registration statement with the U.S. Securities and Exchange Commission, which has not yet become effective. The securities cannot be sold until the registration statement becomes effective.
Founded in 2008 in Beaverton, Oregon, Black Rock Coffee Bar operates drive-thru coffee locations across seven states from the Pacific Northwest to Texas. The company operates more than 150 locations and describes itself as the largest fully company-owned coffee retailer in the United States.
The offering will be made available only through a prospectus, with copies available from the underwriting firms.