Black Rock Coffee Bar’s valuation soared above $1 billion on Friday after the Scottsdale-based drive-thru coffee chain debuted on the stock market.
Black Rock Coffee Bar began trading on Nasdaq under the ticker symbol “BRCB,” raising more than $294.1 million in its initial public offering of 14.7 million shares priced at $20 each.
Investor appetite for Black Rock Coffee Bar’s stock was brisk as it rocketed past its IPO price to $29.40 a share by midday, representing a 47% increase. The company’s stock retreated to close the trading day at $27.53 a share, up 37.6%.
Black Rock Coffee Bar has a post-IPO valuation of $1.3 billion based on 47.8 million outstanding shares of common stock.
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