Dec 1, 2023 - Business

Panera reportedly joins the 2024 IPO brigade

Illustration of a hundred dollar bill in the shape of a loaf of bread

Illustration: Sarah Grillo/Axios

Panera Bread, the quick-serve restaurant chain bought by JAB Holding for $7.5 billion in 2017, has filed confidential IPO papers, per the FT.

Why it matters: This is the latest in a recent spate of high-profile companies that are lining up for early 2024 IPOs, including Shein and Reddit, although none have shown enough conviction to flip their S-1 filings.

Backstory: A SPAC formed by restaurateur Danny Meyer previously agreed to invest in Panera's IPO, rather than do a reverse merger, but that agreement expired in mid-2022. Meyer's SPAC never found another target and eventually delisted.

The bottom line: JAB last year put both Caribou Coffee and Einstein Bros Bagels under the Panera umbrella, and this past August added a CFO who helped take both Dunkin' and Yeti Coolers public.

Go deeper: Panera founder Ron Shaich talks restaurant IPOs

Go deeper