Black Rock Coffee Bar Raises $294 Million in Nasdaq Debut, Valued at $1.27 Billion
Black Rock Coffee Bar raised $294 million in its initial public offering (IPO) in the United States. The company priced 14,705,882 shares of its Class A common stock at $20.00 per share.
In its first day of trading on Nasdaq, shares opened at $26.50 and rose 32.5%, resulting in a market valuation of $1.27 billion for the cafe chain.
Black Rock Coffee Bar also granted underwriters a 30-day option to purchase up to an additional 2,205,882 shares at the IPO price, minus underwriting discounts and commissions.
This IPO comes during a week of strong activity in the public markets, with several tech companies also making their debuts.
Going public means the company is offering its shares for sale to the general public through a stock exchange, allowing investors to buy and sell its shares.
The company raised $294 million by selling shares at $20 each.
The stock opened above its IPO price and rose by 32.5% on its first day of trading.
After its first day of trading, Black Rock Coffee Bar was valued at $1.27 billion.
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