Panera Brands reportedly plans IPO for 2024

Panera Brands has filed for a confidential initial public offering (IPO) in the U.S.

The casual dining group, owned by investment firm JAB, is aiming to go public next year, according to a report from the Financial Times,  Panera Brands, which includes Panera Bread, Einstein Bros. Bagels and Caribou Coffee, named José Alberto Dueñas as CEO in late May 2023. At the time, the company, which generated more than $4.8 billion in revenue in fiscal year 2022, said the move was made in preparation for its eventual IPO.

JAB purchased Panera Bread for $7.5 billion in 2017 and took it private, forming Panera Brands with Einstein and Caribou. At the beginning of November, Panera Brands cut 17%, or 300 positions, of its Panera Bread corporate staff, also in preparation for the IPO.

In 2022, Panera Brands terminated an agreement with restaurateur Danny Meyer that would have taken the company public. Meyer was to invest directly in Panera Brands and become lead independent director of Panera Brands’ board following the completion of the IPO.

According to the Financial Times report, JPMorgan Chase is the lead underwriter of the confidential IPO. Filing a confidential IPO in the U.S. stock market with the Securities & Exchange Commission (SEC) will enable Panera Brands to make adjustments to its proposed IPO with the SEC in private before publicly making a filing.

Once a confidential IPO is made public, all communications with the SEC and any adjustments made to the initial filing are also opened to the public. 

Panera Brands operates more than 3,850 locations and 120,000 employees, including franchisees, across 11 countries. As of Aug. 29, 2023, there were 2,131 stores, company and franchise, in 48 states and in Ontario, Canada, operating under the Panera Bread or Saint Louis Bread Co. names.

Caribou Coffee operates 738 stores in 10 countries. Einstein Bros. Brands, consisting of Einstein Bros. Bagels, Bruegger’s Bagels, Noah’s New York Bagels and Manhattan Bagel operates 984 company-owned and licensed units across the U.S.