Yesway IPO: $280 Million Valuation as Convenience Store Chain Debuts on Nasdaq Under YSWY Ticker

Yesway Inc., a convenience store operator headquartered in Fort Worth, Texas, is making headlines in New York City this week with its initial public offering (IPO). The company expects to begin trading today, Wednesday, on the Nasdaq under the YSWY ticker.

This debut comes at a notable time, following the announcement by global convenience store giant 7-Eleven that it will close over 600 locations in the United States. Meanwhile, Seven & i Holdings, the Japan-based owner of 7-Eleven, recently delayed an IPO of its North American unit.

Yesway currently operates 448 convenience stores across nine states, primarily in West Texas, New Mexico, Oklahoma, and Iowa. The company also owns the Allsup’s convenience store chain. While Yesway has not announced plans for expansion beyond its existing footprint, the IPO proceeds could pave the way for future growth.

What is Yesway?

Yesway Inc. is the parent company of the Yesway and Allsup’s convenience store chains. Founded in 2015 with financial backing from Boston-based Brookwood Financial Partners, Yesway has since expanded its operations.

The company is well-known for its Allsup’s Burritos but also offers a range of typical convenience store products, including coffee, hot food, snacks, fountain drinks, and alcohol.

According to a filing with the Securities Exchange Commission (SEC), Yesway generated revenue of $2.67 billion and reported net income of $54 million last year.

Yesway IPO: Key Details

When is Yesway’s IPO?

Yesway priced its shares on Tuesday, August 6, 2024, and began trading today. The company initially filed for an IPO in 2021 but withdrew in 2022 due to rising interest rates. It refiled and is now proceeding with the offering in a more active IPO market, as reported by Bloomberg.

What is Yesway’s stock ticker?

Yesway will trade under the YSWY ticker symbol on the Nasdaq exchange.

What is the IPO share price of Yesway?

The IPO share price for Yesway is set at $20.

How much will Yesway raise in its IPO?

Yesway sold approximately 14 million shares at the $20 price point, raising a total of $280 million.

How much is Yesway worth?

Based on the IPO price, Yesway’s valuation is estimated at approximately $1.2 billion, according to Bloomberg.