Black Rock Coffee Bar is aiming for a valuation of up to $860.7 million in its planned New York initial public offering (IPO), according to Reuters.

The Scottsdale, an Arizona-based coffee chain, said it is seeking to raise as much as $265 million by selling 14.7 million shares at a price range of $16 to $18 each.

The listing comes amid a revival in the US IPO market, which has been dominated by technology companies. Consumer-focused IPOs have been rare, making Black Rock Coffee’s debut an important test of investor appetite. Its peer Dutch Bros went public in 2021.

Founded in 2008, Black Rock Coffee began as a single drive-thru stand in Oregon and has since grown to more than 150 outlets across seven states, stretching from the Pacific Northwest to Texas. The chain offers hot and iced coffee drinks alongside speciality beverages such as Nitro Cold Brew and its Caramel Blondie.

The company sources beans from Brazil, Ethiopia, Colombia and Mexico, but warned in its prospectus that rising costs and supply pressures for arabica coffee, dairy and other commodities could weigh on its business. Coffee prices have surged to record highs this year, driven by droughts in major producing countries and new U.S. tariffs, including a 50% duty on imports from Brazil.

Black Rock Coffee said it expects tariff exposure to also affect equipment such as refrigeration units and espresso machines. The company plans to trade on the Nasdaq under the ticker symbol BRCB, with JP Morgan, Jefferies, Morgan Stanley and Baird leading the underwriting.