C-store retailer Yesway files IPO; plans to open 130 new stores by 2031
Yesway has revived its effort to go public.
The Texas-based convenience store operator, which operates stores under the Yesway and Allsup banners, has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of Class A common stock. The company, which filed to go public in 2021 but subsequently withdrew the effort, applied to list the stock on the Nasdaq under the ticker symbol "YSWY."
Founded in 2015 by real estate-focused private equity firm Brookwood Financial Partners, Yesway has grown rapidly through acquisitions— including its 2019 purchase of Allsup’s — and new builds. It currently operates 449 stores across nine states in the Midwest and Southwest.
In an updated filing with the SEC, Yesway said it intends to open 130 new stores by 2031, most of them new‑to‑industry builds. The stores will be funded directly by Yesway and by partnerships with real estate investment trusts and other real estate groups that specialize in funding build-to-suit development. Approximately six to eight new stores are planned for 2026.
“Under this build-to-suit program, a third party typically contributes the majority of the capital to construct a new store,” Yesway said in the filing. “At the same time, we oversee site selection, permitting, design, and construction processes, and, once construction is completed, we operate the location under a long-term lease agreement.”
The company added that despite its rapid pace of expansion, “we believe we are in the early stages of our long-term growth journey with significant whitespace in our existing and new markets.”
IPO
Morgan Stanley is acting as lead bookrunning manager Yesway’s proposed offering. J.P. Morgan and Goldman Sachs & Co. LLC are acting as active bookrunning managers. Barclays, BMO Capital Markets, KeyBanc Capital Markets, Guggenheim Securities, and Raymond James & Associates, Inc. are also acting as bookrunners.
“The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or terms of the offering,” the company noted in a statement.
