Coffee chain Reborn Coffee ( REBN ) saw its stock soar 80% following its $7M initial public offering on Friday.
Shares of the chain opened at $8.80, hitting a high of $12.45 shortly after opening. The stock recently changed hands at $8.92 at around 11:45 a.m. ET.
Reborn priced 1.4M shares at $5 per share, raising approximately $7M . Underwriters were granted an option to buy up to 216K additional shares.
The coffee chain currently operates several stores in California. Reborn differentiates itself from other coffee purveyors by using magnetized water to wash green coffee beans prior to roasting, which it says helps extract impurities and increase bean hydration. It also uses magnetized water for its cold brewing process.
For a more in-depth look at Reborn, check out SA contributor Donovan Jones’s “Reborn Coffee Seeks $40M IPO for Growth”.
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Reborn Coffee stock shoots up 80% following $7M IPO