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MILAN – Black Rock Coffee Bar got off to a flying start, raising $294.1 million on its debut on the Nasdaq on Friday 12 September. Shares of the Scottsdale, Arizona-based company opened at around $26.5, versus the offer price of $20 and rose 32.5% above their initial public offering price on Friday.
That gives Black Rock a market value of about $1.3 billion showing a healthy investor appetite for consumer-focused companies in a tech-dominated IPO market.
The newly listed company priced its initial public offering (IPO) of of 14,705,882 shares of its Class A common stock at a price to the public of US$20.00 per share.
Black Rock Coffee Bar has granted the underwriters a 30-day option to purchase up to an additional 2,205,882 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
“Our baristas are our magic,” Black Rock Coffee’s CEO Mark Davis said in an interview. “We believe with the value proposition we have and doubling down on that experience, it’s a giant point of difference and that’s what ultimately the investors saw as valuable and why they wanted to be a part of it.”
Black Rock founders Daniel Brand and Jeff Hernandez opened their first drive-thru in Washington County in 2008. By June 2025 the chain had 158 locations in seven states, including 52 in Arizona, 42 in Texas and 34 in Oregon.
The company also has a roasting facility in Vancouver, Washington, and another in Tempe, Arizona.
