Black Rock Coffee Bar (BRCB) made its public debut on the Nasdaq on Friday.
Shares opened at $26.50 under the ticker symbol BRCB after the Scottsdale, Ariz.-based company initially offered 14.7 million shares at $20 each.
The company raised $294 million in the initial public offering. The coffee chain currently has 158 locations stretching from the Pacific Northwest, where it was founded in 2008 in Beaverton, Ore., to Texas. It started with a drive-through model, but now 75% of locations also have a lobby for customers to sit and stay.
“We have all the components of a Dutch Brothers,” CEO Mark Davis told Yahoo Finance about the company’s competitive advantage. “If you think about the drive-through only, we have the order ahead with the app, and then we have third party that can order.”
“Then secondarily, we have this lobby and … when you think about the magic behind our brand, it’s certainly the baristas and the way that they engage,” he added.
In the second quarter, same-store sales increased by 10.9% from a year ago.
This is the first coffee chain to go public since Dutch Bros (BROS) went public on the New York Stock Exchange in September of 2021. That stock is up around 100% since it went public at $23 per share.
Black Rock Coffee Bar joins a list of recent IPOs. This week, companies including Legence (LGN), Figure Technology, and Klarna (KLAR) debuted on the public markets, and the crypto exchange Gemini (GEMI) is also set to begin trading on Friday. Other IPOs earlier this year include Chime (CHYM), Circle (CRCL), Figma (FIG), eToro (ETOR), and Bullish (BLSH).