Black Rock Coffee Bar, a drive-thru coffee chain with over 150 locations in the Western US, raised $294 million by offering 14.7 million shares at $20, above the range of $16 to $18. PE sponsor Cynosure Group planned to sell 73% of the offering via synthetic secondary, and cornerstone investor Wellington Management had indicated on $30 million worth of shares in the offering (10% of the deal).

The company is an operator of drive-thru and sit-in coffee bars offering various types of caffeinated beverages. It has 158 locations spanning seven states as of June 30, 2025. 

Black Rock Coffee is the first major ($100mm+) IPO from a US-based restaurant play since CAVA (CAVA) in June 2023. CAVA has delivered a strong but volatile performance since its listing, up 192% from its offer price, but down -48% year to date.

Black Rock Coffee Bar plans to list on the Nasdaq under the symbol BRCB. J.P. Morgan, Jefferies, Morgan Stanley, Baird, Stifel, and William Blair acted as joint bookrunners on the deal.