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

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The Dutch Bros earnings report for Q2, 2024, reflects a robust period of growth and optimistic business dynamics due to various strategic undertakings.</li><li>Despite external challenges, the company reported a 30% increase in revenue, totaling $325 million, and a 34% rise in adjusted EBITDA, bringing it to $65 million.</li><li>These figures signify a stable upward trajectory compared to the same quarter in the previous year.</li></ul>

The Dutch Bros earnings report for Q2, 2024, reflects a robust period of growth and optimistic business dynamics due to various strategic undertakings.Despite external challenges, the company reported a 30% increase in revenue, totaling $325 million, and a 34% rise in adjusted EBITDA, bringing it to $65 million.These figures signify a stable upward trajectory compared to the same quarter in the previous year.

Dutch Bros Inc.: Expansion into New Markets Driving Our Optimism! - Major Drivers

United States

Dutch Bros Inc. operates and franchises drive-thru shops that focus on serving hand-crafted beverages. The Company offers hot and cold espresso-based beverages. Dutch Bros serves customers worldwide.

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Dutch Bros Inc (BROS US)

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

Oregon-based coffee chain Black Rock's IPO priced at $20/share, raising $294 million; stock opened at $26.50, closed at $27.53, with market cap...

IPO Boutique

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

Coffee chain set to offer 14.7 million shares at $16-$18, valuing company at up to $861 million. IPO seen as straightforward and accessible for...

IPO Boutique

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

Black Rock Coffee Bar plans to offer 14.7 million shares at $16-$18, with a valuation of up to $861 million. Wellington Management may purchase up...

IPO Boutique

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

Drive-thru coffee bar chain with engaging baristas files for IPO after revenue increase of 24.3% in 2025. They are seeking a potential September...

IPO Boutique

Dutch Bros Inc.: Expansion into New Markets Driving Our Optimism! - Major Drivers

The Dutch Bros earnings report for Q2, 2024, reflects a robust period of growth and optimistic business dynamics due to various strategic...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​Oregon-based coffee chain Black Rock's IPO priced at $20/share, raising $294 million; stock opened at $26.50, closed at $27.53, with market cap...

IPO Boutique

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

​Coffee chain set to offer 14.7 million shares at $16-$18, valuing company at up to $861 million. IPO seen as straightforward and accessible for...

IPO Boutique

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

​Black Rock Coffee Bar plans to offer 14.7 million shares at $16-$18, with a valuation of up to $861 million. Wellington Management may purchase up...

IPO Boutique

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

​Drive-thru coffee bar chain with engaging baristas files for IPO after revenue increase of 24.3% in 2025. They are seeking a potential September...

IPO Boutique

Dutch Bros Inc.: Expansion into New Markets Driving Our Optimism! - Major Drivers

The Dutch Bros earnings report for Q2, 2024, reflects a robust period of growth and optimistic business dynamics due to various strategic...

Baptista Research

Oregon-based coffee chain Black Rock's IPO priced at $20/share, raising $294 million; stock opened at $26.50, closed at $27.53, with market cap...

Coffee chain set to offer 14.7 million shares at $16-$18, valuing company at up to $861 million. IPO seen as straightforward and accessible for...

Black Rock Coffee Bar plans to offer 14.7 million shares at $16-$18, with a valuation of up to $861 million. Wellington Management may purchase up...

Drive-thru coffee bar chain with engaging baristas files for IPO after revenue increase of 24.3% in 2025. They are seeking a potential September...