PHOENIX —
Scottsdale-based Black Rock Coffee Bar made its debut as a public company on Friday, and share prices surged 38% after the IPO.
The coffee chain initially priced shares at $20, but shares closed at $27.53 and climbed as high as 29.50 on the first day of trading. Black Rock now has a market value of about $1.32 billion.
In the initial public offering, $294.1 million was raised after about 14.7 million shares were initially sold for the company, which is trading under the ticker symbol “BRCB” on the Nasdaq Global Market.
The IPO price was expected to be in the $16.00 to $18.00 per share range.
The coffee bar was originally founded in Beaverton, Oregon in 2008 as a single drive-thru location. The company has been headquartered in Scottsdale since 2020.
Black Rock now has more than 150 locations in seven different states. Forty-six of its locations are located in the Valley with two more slated to open later this year.
The exact addresses and opening dates have yet to be released.
In addition to its Scottsdale headquarters, the company also has a roasting facility in Tempe and Vancouver, Washington.
Black Rock reported $179 million in store revenue for the 12-month period ending June 30. The chain also reported 10.1% same store sales growth for the six-month period ending June 30.
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