Panera Bread has confidentially submitted its paperwork to go public once more.
The restaurant chain, renowned for its soups, sandwiches, and bagels, has been indicating for several months that it aims to reenter the public markets through an initial public offering (IPO).
In May, Panera announced a change in CEO and mentioned that the leadership transition was “in preparation for its eventual IPO” following a two-year hiatus from IPO activity that concluded in the fall.
The Mediterranean restaurant chain Cava, chaired by Panera founder Ron Shaich, was among the few companies that went public this year, with mixed reactions from investors regarding the offerings.
Panera is not alone in hoping for improved market conditions in 2024. On Monday, the fast-fashion giant Shein, founded in China, also confidentially filed to go public.
It was reported on Tuesday that Reddit and Skims might also join the IPO lineup next year.
Panera was last publicly traded in 2017 when JAB Holding, the investment arm of the Reimann family, acquired the company for $7.5 billion. At that time, JAB’s portfolio included Keurig and Krispy Kreme.
In recent years, however, JAB has been restructuring its investments. In 2021, it sold Au Bon Pain to a Yum Brands franchisee and took Krispy Kreme public.
JAB also attempted to take Panera public again that year. However, in 2022, Panera canceled its plans to merge with Danny Meyer’s special purpose acquisition company (SPAC), USHG Acquisition.
This deal would have involved exchanging shares of USHG for Panera stock and allowed Panera to survive a merger with its subsidiary Rye Merger.
Panera abandoned those plans due to unfavorable market conditions. Currently, the chain’s effort to go public is occurring amid other controversies.
Panera is facing a lawsuit related to its “charged lemonade,” with plaintiffs claiming that the drink contributed to the death of their college-age daughter, who had a pre-existing heart condition.
