Black Rock Coffee Bar (BRCB.US) IPO priced at $20 per share, higher than the guidance range, will debut on the NASDAQ tonight.

Coffee chain Black Rock Coffee Bar (BRCB.US) announced on Thursday that it has raised $294.1 million in its initial public offering (IPO) in the United States. The Arizona-based company issued approximately 14.7 million shares at a price of $20 per share, which was higher than the expected price range of $16 to $18 per share. The IPO values Black Rock Coffee Bar at $956.3 million. Reports indicate that there was strong demand for Black Rock Coffee Bar's IPO, with sources revealing that underwriters expected demand to be 20 times the size of the offering. This listing will serve as a litmus test for investor sentiment in the consumer industry, which is undergoing significant changes due to tariff fluctuations, ongoing inflation, and evolving labor conditions. Despite strong growth in recent quarters, Black Rock Coffee Bar's costs have continued to rise due to tariffs and inflation. Institutional research firm Renaissance Capital, which focuses on IPO research and ETFs, stated that Black Rock Coffee Bar is the first U.S. restaurant to go public since Cava (CAVA.US) in 2023. Established in 2008, Black Rock Coffee is an operator of drive-thru coffee stands that sells hot coffee, iced coffee, and energy drinks. As of June 30, 2025, the coffee chain had 158 stores across seven states in the U.S. For the 12-month period ending on June 30, its revenue was $179.5 million. Another drive-thru coffee chain, Dutch Bros (BROS.US), went public in 2021. Since its IPO, its stock price has more than doubled. Looking ahead, Black Rock Coffee plans to open more stores this year, signaling increased competition with major chains such as Starbucks Corporation (SBUX.US), Dutch Bros, and Scooter's. Black Rock Coffee Bar will begin trading on the Nasdaq on Friday under the ticker symbol "BRCB". JPMorgan Chase, Jefferies Financial Group Inc., Morgan Stanley, and Baird are the lead underwriters for this offering.