Reborn Coffee, a premium coffee roaster with nine cafe stores in California, announced terms for its IPO on Tuesday.
The Brea, CA-based company plans to raise $6 million by offering 1.2 million shares at $5. At the proposed price, Reborn Coffee would command a market cap of $64 million.
Concurrently, selling shareholders are registering 1.8 million shares, which may be offered and sold from time to time after the company's shares have begun trading on the Nasdaq.
Reborn Coffee serves specialty-roasted coffee at retail locations, kiosks, and cafes. The company sells various products such as whole bean coffee, pour over packs, and cold brew packs, and it serves its coffee at company-owned stores through cold brew taps, espresso-made drinks, and other brew methods. Reborn Coffee currently operates nine stores throughout California, and expects to open a new location by the end of 2022. Its retail locations generated approximately $445,000 in average unit volume in 2021.
Reborn Coffee was founded in 2015 and booked $3 million in sales for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol REBN. EF Hutton is the sole bookrunner on the deal.
