- Panera Bread has confidentially filed to go public once more, the Monetary Occasions reported.
- The restaurant chain has been signaling for months that it is serious about an preliminary public providing.
- JAB Holding took the corporate non-public in 2017 for $7.5 billion.
A Panera Bread mango yuzu citrus charged lemonade is displayed at a Panera Bread restaurant in Novato, California, on Nov. 1, 2023.
Justin Sullivan | Getty Pictures
Panera Bread has confidentially filed to go public once more, the Monetary Occasions reported.
The restaurant chain, recognized for its soups, sandwiches and bagels, has been signaling for months that it is trying to go public by means of an preliminary public providing. In Could, Panera introduced a CEO transition and stated the management adjustments had been “in preparation for its eventual IPO” — amid a two-year IPO drought that ended within the fall.
Mediterranean restaurant chain Cava, whose chair is Panera founder Ron Shaich, was among the many trickle of corporations that went public this yr. Traders had blended reactions to the slate of choices.
Panera is not alone in hoping market circumstances enhance in 2024. Chinese language-founded fast-fashion large Shein confidentially filed to go public Monday, and Bloomberg reported Tuesday that Reddit and Skims may be in subsequent yr’s IPO class.
Panera declined to remark to CNBC.
The corporate was final publicly traded in 2017. JAB Holding, the funding arm of the Reimann household, purchased the corporate for $7.5 billion. It added Panera to a portfolio that, at the moment, included Keurig and Krispy Kreme.
Lately, nonetheless, JAB has been transforming its portfolio. In 2021, it offered Au Bon Ache to a Yum Manufacturers franchisee and took Krispy Kreme public.
JAB additionally tried to take Panera public once more that yr. However in 2022, Panera referred to as off its cope with Danny Meyer’s particular function acquisition firm. The bizarre association would have exchanged shares of USHG Acquisition for the sandwich chain’s inventory and allowed the corporate to outlive a merger with Panera’s subsidiary Rye Merger.
Nonetheless, Panera scrapped these plans, citing market circumstances.
However the chain’s present try to go public comes because the restaurant has drawn scrutiny for different causes. The corporate was lately sued for its “charged lemonade.” The plaintiffs allege the drink precipitated the demise of their college-age daughter, who had a coronary heart situation.
Learn the complete story from the Monetary Occasions right here.
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