US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/black-rock-coffee-bar-inc" target="_blank" data-smartkarma-citation="entities:45673:1" rel="noopener">Black Rock Coffee Bar (BRCB US)</a> went public on 12 September 2025 on Nasdaq and has a current market cap of $1.2bn.</li>
<li>Inclusion in US indices is expected in December 2025 and in Global index in February 2026, as the security meets eligibility criteria before lock-up expiry mainly due to ~100% float.</li>
<li>Exclusion from certain US and Global index is anticipated due to limited market cap.</li>
</ul>



Black Rock Coffee Bar (BRCB US) went public on 12 September 2025 on Nasdaq and has a current market cap of $1.2bn.
Inclusion in US indices is expected in December 2025 and in Global index in February 2026, as the security meets eligibility criteria before lock-up expiry mainly due to ~100% float.
Exclusion from certain US and Global index is anticipated due to limited market cap.


Black Rock Coffee Bar (BRCB US): Limited but Direct US & Global Index Inclusion

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Black Rock Coffee Bar / Equity Capital Markets

<ul>
<li>The Oregon-based coffee chain priced its IPO at $20.00 per share, above the marketed range of $16–$18, raising $294 million through the sale of 14.7 million shares.</li>
<li>The stock opened at $26.50, a 32.5% premium to issue and closed at $27.53, up 37.6% from the IPO price.</li>
<li>Black Rock commands a market cap near $1.1 billion, implying much of its near-term growth story may already be baked in.</li>
</ul>


The Oregon-based coffee chain priced its IPO at $20.00 per share, above the marketed range of $16–$18, raising $294 million through the sale of 14.7 million shares.
The stock opened at $26.50, a 32.5% premium to issue and closed at $27.53, up 37.6% from the IPO price.
Black Rock commands a market cap near $1.1 billion, implying much of its near-term growth story may already be baked in.


Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket

<ul>
<li>The coffee chain is set to offer 14.7 million shares at $16-$18 equating to a valuation of up to $861 million at the high-end of the range.</li>
<li>According to our sources, the deal is "tracking" well and is being classified as multiple-times oversubscribed from continued strong 1-on-1 conversions.</li>
<li>In our view, this IPO is not positioned as a “moonshot,” but rather as a straightforward, accessible story for investors.</li>
</ul>


The coffee chain is set to offer 14.7 million shares at $16-$18 equating to a valuation of up to $861 million at the high-end of the range.
According to our sources, the deal is "tracking" well and is being classified as multiple-times oversubscribed from continued strong 1-on-1 conversions.
In our view, this IPO is not positioned as a “moonshot,” but rather as a straightforward, accessible story for investors.


Black Rock Coffee Bar (BRCB): Rapid Growth Strategy Perks Up IPO Demand

<ul>
<li>Black Rock Coffee Bar (BRCB US) is set to offer 14.7 million shares at $16-$18 equating to a valuation of up to $861 million at the high-end of the range.</li>
<li>Wellington Management has indicated an interest in purchasing up to $30.0 million in shares of Class A common stock in this offering.</li>
<li>Store revenue has increased by the mid 20% in the 1H 2025 and the expansion plan is aggressive. At first glance, we like the risk-reward of this deal.</li>
</ul>


Black Rock Coffee Bar (BRCB US) is set to offer 14.7 million shares at $16-$18 equating to a valuation of up to $861 million at the high-end of the range.
Wellington Management has indicated an interest in purchasing up to $30.0 million in shares of Class A common stock in this offering.
Store revenue has increased by the mid 20% in the 1H 2025 and the expansion plan is aggressive. At first glance, we like the risk-reward of this deal.


Black Rock Coffee Bar, Inc. (BRCB): Drive-Thru Chain Sets Terms for IPO, Seeking $2.0b Valuation

<ul>
<li>The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.</li>
<li>They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.</li>
<li>Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.</li>
</ul>


The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.


Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain

United States

Black Rock Coffee Bar Inc owns and operates a chain of coffee bars. The Company offers coffee, tea, milkshake, and soft drinks. Black Rock Coffee Bar serves customers in the United States.

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Black Rock Coffee Bar (BRCB US)