- Panera Bread has confidentially filed to go public again, the Financial Times reported.
- The restaurant chain has been signaling interest in an IPO for months.
- JAB Holding took the company private in 2017 for $7.5 billion.
A mango-yuzu citrus-infused Panera Bread lemonade is displayed at a Panera Bread restaurant in Novato, California, on November 1, 2023.
Justin Sullivan | Getty Images
Panera Bread has confidentially filed to go public again, the Financial Times reported.
The restaurant chain known for its soups, sandwiches and bagels has been signaling for months that it would seek an initial public offering through an initial public offering. In May, Panera announced a CEO change, saying the leadership changes were “in preparation for the eventual IPO” amid a two-year IPO drought that ended in the fall.
The Mediterranean restaurant chain Cava, chaired by Panera founder Ron Shaich, was among the few companies to go public this year. Investors reacted mixed to the range of offers.
Panera isn’t alone in hoping market conditions improve in 2024. China-founded fast fashion giant Shein confidentially filed to go public on Monday, and Bloomberg reported on Tuesday that Reddit and Skims could also join next year’s IPO class.
Panera declined to comment to CNBC.
The company was last traded on the stock exchange in 2017. JAB Holding, the investment arm of the Reimann family, bought the company for $7.5 billion. It added Panera to a portfolio that then included Keurig and Krispy Kreme.
However, in recent years, JAB has overhauled its portfolio. In 2021, the company sold Au Bon Pain to a Yum Brands franchisee and took Krispy Kreme public.
JAB also tried to take Panera public again this year. But in 2022, Panera canceled the deal with Danny Meyer’s special purpose acquisition company. The unusual agreement would have swapped shares of USHG Acquisition for stock in the sandwich chain and allowed the company to survive a merger with Panera’s subsidiary Rye Merger.
However, Panera scrapped those plans, citing market conditions.
But the chain’s current attempt to go public comes as the restaurant has come under fire for other reasons. The company was recently sued over its “supercharged soda.” The plaintiffs claim the drink caused the death of their college-age daughter, who had a heart condition.
Read the full Financial Times story here.
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