KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99. The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
Strong Debut Above Range
Black Rock Coffee Bar Inc. raised $294.1 million in its US initial public offering (IPO), pricing shares above the marketed range and securing a market valuation of $956.3 million. The drive-through-focused coffee chain sold 14.7 million shares at $20 each, compared with its initial target range of $16 to $18 per share, according to a statement Thursday.
Growth Ambitions
Founded in 2008 in Beaverton, Oregon, Black Rock Coffee currently operates 158 locations across seven states, with all outlets offering drive-through service. The company plans to open about 30 new stores in 2025 and is targeting 1,000 stores by 2035, aiming for an average annual expansion of 20% — consistent with its growth between 2020 and 2024.
Financial Performance
For the quarter ended June 30, the Scottsdale, Arizona-based chain reported a net loss of $1.1 million on revenue of $50.4 million, compared with a net loss of $522,000 on revenue of $40.6 million a year earlier. Same-store sales rose 10.9% year-over-year.
Backers and Market Positioning
Key investors include Cynosure Group and affiliates of Black Rock’s four co-founders, with Cynosure investing in the company in 2020. Wellington Management also indicated interest in purchasing up to $30 million in shares as part of the offering.
Black Rock joins the ranks of publicly traded coffee retailers alongside Starbucks Corp. and Dutch Bros Inc. Its IPO follows the 2023 listing of Cava Group Inc., which raised $365 million.
Listing Details
The shares are expected to begin trading Friday on the Nasdaq Global Market under the ticker BRCB. The IPO was led by JPMorgan Chase & Co., Jefferies Financial Group Inc., Morgan Stanley, and Robert W. Baird & Co.
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