Black Rock Coffee Bar (BRCB) is reportedly seeing strong demand for its IPO. Sources told Bloomberg that underwriters are seeing demand 20X the offering size, which is likely to lead to an opening price above the company’s expected range of $16.00 to $18.00.
At the top end of the indicated IPO price range, Black Rock Coffee Bar (BRCB) is targeting a valuation of $860.7 million.
The IPO is expected to price later Thursday after the close and begin trading on Friday.
The coffee chain currently has 158 locations across seven states in the U.S. as of June 30, 2025. Per the company’s SEC filing, revenue was $179.5 million for the twelve-month period that ended on June 30. Black Rock Coffee Bar (BRCB) reported positive net cash flow from operations of $13.3 million in 2024 and $8.4 million in the first half of 2025, with a cash balance of $14.6 million at the end of June against short-term debt of $8.7 million.
Looking ahead, Black Rock Coffee Bar (BRCB) expects to open more stores this year as it looks to incrementally increase competition for much larger chains such as Starbucks (SBUX), Dutch Bros (BROS), and Scooter’s.