Black Rock Coffee Bar (BRCB) made its public debut on the Nasdaq on Friday.
Shares opened at $26.50 under the ticker symbol BRCB after the Scottsdale, Ariz.-based company initially offered 14.7 million shares at $20 each.
The company raised $294 million in the initial public offering. The coffee chain currently has 158 locations stretching from the Pacific Northwest, where it was founded in 2008 in Beaverton, Ore., to Texas. It started with a drive-through model, but now 75% of locations also have a lobby for customers to sit and stay.
“We have all the components of a Dutch Brothers,” CEO Mark Davis told Yahoo Finance about the company’s competitive advantage. “If you think about the drive-through only, we have the order ahead with the app, and then we have third party that can order.”
“Then secondarily, we have this lobby and … when you think about the magic behind our brand,…
