Nasdaq market turns sweeter with Black Rock Coffee Bar's Initial Public Offering, courtesy of law firm Jones Day
Black Rock Coffee Bar Debuts on Nasdaq with a Valuation of $338 Million
After much anticipation, Black Rock Coffee Bar has officially started trading on the public markets, marking a significant milestone for the popular coffee chain. The company is now trading under the ticker "BRCB" on the Nasdaq Global Market.
The initial public offering (IPO) of Black Rock Coffee Bar was advised by the global law firm Jones Day, with Troy Lewis, Patrick Baldwin, Jeremy Cleveland, Ed Kennedy, and Malory Thelen serving as key members of the advisory team. Raymond James served as the lead manager for the IPO, with J.P. Morgan, Jefferies, Morgan Stanley, Baird, Stifel, and William Blair serving as lead book-runners.
The public offering involved 16,911,764 Class A common shares, issued at $20 each, bringing the IPO's total value to $338 million. The underwriters' overallotment increased the original estimate of the share price to $20, further boosting the offering's value.
In a heartfelt announcement, Black Rock Coffee Bar CEO Mark Davis thanked guests, team, founders, and the Black Rock Coffee Bar family for their support throughout the process. Nasdaq's EVP, chief revenue officer, and global head of listings, Jeff Thomas, also welcomed Black Rock Coffee Bar to the Nasdaq family.
Notably, the pre-IPO reorganisation of Black Rock Coffee Bar involves an Up-C structure, which is a first-of-its-kind arrangement for a Texas corporation and a Delaware limited liability company.
The offering closed on Monday, 15 September, and Nasdaq announced Black Rock Coffee Bar's IPO on social media, marking the beginning of a new chapter for the coffee chain as it embarks on its journey as a publicly-traded company.
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