Black Rock Coffee Bar, Inc. (BRCB.US) announced on Thursday that it has raised $294.1 million in its initial public offering in the United States. The Scottsdale, Arizona-based company issued approximately 14.7 million shares at $20 per share, pricing above its guidance range of $16 to $18 per share. The IPO values Black Rock Coffee Bar at $956.3 million.

The IPO reportedly saw exceptionally strong demand. Sources revealed that underwriters expected demand to be 20 times the offering size. This listing will serve as a litmus test for investor sentiment toward consumer sector deals, as the industry undergoes significant transformation due to tariff changes, persistent inflation, and evolving labor conditions.

While Black Rock Coffee Bar has achieved strong growth in recent quarters, its costs have also been rising due to tariffs and inflation. Renaissance Capital, an institution focused on IPO research and ETFs, noted that the company is the first U.S. restaurant to go public since Cava (CAVA.US) in 2023.

Founded in 2008, Black Rock Coffee is a drive-thru coffee shop operator that sells hot coffee, iced coffee, and energy drinks. As of June 30, 2025, the coffee chain operates 158 locations across seven U.S. states. For the 12-month period ended June 30, its revenue was $179.5 million.

Another drive-thru coffee chain, Dutch Bros (BROS.US), went public in 2021. Since its listing, its stock price has more than doubled.

Looking ahead, Black Rock Coffee expects to open more stores this year, meaning the company will face intensifying competition with major chains such as Starbucks (SBUX.US), Dutch Bros, and Scooter's.

Black Rock Coffee Bar, Inc. will begin trading on Nasdaq on Friday under the ticker symbol "BRCB." JPMorgan, Jefferies, Morgan Stanley, and Baird served as lead underwriters for the offering.