Black Rock Coffee Bar completes $338 million initial public offering
Client(s) Founders of Black Rock Coffee Bar, Inc.
Jones Day represented the founders in connection with Black Rock Coffee Bar, Inc.'s $338 million initial public offering and pre-IPO reorganization into an Up-C structure with a Texas corporation and Delaware limited liability company. The IPO consisted of a primary offering of 14,705,882 shares of Class A Common Stock at $20.00 per share. Black Rock Coffee Bar also granted the underwriters a 30-day option to purchase up to an additional 2,205,882 shares of its Class A Common Stock on the same terms and conditions, which the underwriters exercised in full, reflecting a market capitalization of approximately $1.3 billion. In connection with the IPO, an entity controlled by the founders entered into a margin loan, the proceeds of which were used to purchase 3,118,938 newly-issued units from Black Rock Coffee Holdings, LLC.
Black Rock Coffee Bar is a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by its engaging baristas.