Black Rock Coffee Bar makes its initial public offering on the Nasdaq Stock Market, facilitated by law firm Jones Day.
In a significant milestone for the coffee industry, Black Rock Coffee Bar has officially begun trading on the public markets. The initial public offering (IPO) of the popular coffee chain, valued at USD 338 million, closed on Monday, 15 September.
The IPO was managed on the Nasdaq Global Market under the ticker "BRCB". Nasdaq's EVP, chief revenue officer, and global head of listings, Jeff Thomas, welcomed Black Rock Coffee Bar to the Nasdaq family.
J.P. Morgan, Jefferies, Morgan Stanley, and Baird served as lead book-runners for the IPO, with Raymond James as the lead manager. Stifel and William Blair also participated as additional book-runners.
The public offering involved 16,911,764 Class A common shares, priced at USD 20 each. The proceeds from the IPO will be used to support the growth and expansion of Black Rock Coffee Bar.
Jones Day, a global law firm, has advised Black Rock Coffee Bar's founders on the IPOs and reorganization. Jeremy Cleveland led the Jones Day advisory team, which included tax practice leader Ed Kennedy, tax partner Patrick O'Brien, and financial markets associate Malory Thelen.
Corporate partners Troy Lewis and Patrick Baldwin were part of the Jones Day advisory team. Black Rock Coffee Bar's CEO, Mark Davis, expressed gratitude to various parties in a social media announcement.
The reorganization of Black Rock Coffee Bar involved a Texas corporation and a Delaware limited liability company, forming an Up-C structure. The IPO marks a significant step forward for the coffee chain, as it begins its journey in the public markets.
As Black Rock Coffee Bar trades on the public markets, investors and coffee enthusiasts alike will be watching closely to see how the company fares in this new phase of its growth.
