Panera Bread IPO submitting
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 Photographs
Panera Bread has confidentially filed to go public once more, individuals accustomed to the matter instructed CNBC.
The restaurant chain, identified for its soups, sandwiches and bagels, has been signaling for months that it is seeking to go public by way of an preliminary public providing. In Could, Panera introduced a CEO transition and stated the management adjustments have 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 firms that went public this yr. Traders had combined reactions to the slate of choices.
Panera is not alone in hoping market situations enhance in 2024. Chinese language-founded fast-fashion big 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 information was first reported by the Financial Times.
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.
In recent times, nevertheless, JAB has been transforming its portfolio. In 2021, it sold Au Bon Pain to a Yum Brands 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 objective acquisition firm. The weird 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.
Nevertheless, Panera scrapped these plans, citing market situations.
However the chain’s present try and 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 triggered the loss of life of their college-age daughter, who had a coronary heart situation.
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