Overview

• Shares opened around $26.50, up 32.5% from the $20 offer price, giving the company a roughly $1.27 billion market value.
• The IPO sold 14,705,882 Class A shares at $20 each for about $294.1 million in gross proceeds, with a 30-day option for underwriters to buy 2,205,882 additional shares.
• Trading began on the Nasdaq Global Market on September 12 under the ticker BRCB, with the offering expected to close on September 15 subject to customary conditions.
• It is the first U.S. restaurant IPO since Cava’s 2023 listing, according to Renaissance Capital.
• Black Rock operates 158 corporate-owned stores across seven states, reported a 10.9% same-store sales gain in the second quarter of 2025, and targets 1,000 locations by 2035.