NEW YORK (Reuters) -Black Rock Coffee Bar has filed confidentially for an initial public offering in New York that could value the cafe chain at more than $1 billion, according to four people familiar with the matter.

The founder-owned restaurant has tapped investment banks JPMorgan Chase, Jefferies Financial, and Morgan Stanley to work on its listing, which could happen as soon as this year, the sources said.

Confidential filings allow companies to keep financial and strategic information private while engaging with regulators and assessing investor appetite ahead of a formal, public launch.

The sources cautioned that the plans could change, depending on market conditions, and spoke on condition of anonymity to discuss private deliberations.

Black Rock Coffee, JPMorgan, Jefferies, and Morgan Stanley declined to comment.

Earlier expectations for a sharp rebound in U.S. IPOs this year have been dampened by geopolitical tensions and economic uncertainty, including concerns over tariffs. Still, recent signs of market stabilization have encouraged bankers and companies to press ahead with listings, raising hopes for an increase in IPOs in the second half of the year.

Investor appetite for new listings, in particular for select high-growth names, is also providing a boost. Design software company Figma raised the indicative price range for its upcoming IPO this week, and shares of AI cloud computing firm CoreWeave have jumped nearly 170% since their debut in March.

Smaller coffee chains with loyal customers have been taking share from larger players such as Starbucks. Another regional chain, Scooter's Coffee, is exploring a sale that could value it at close to $1 billion, Reuters reported this month. 

Co-founders Jeff Hernandez and Daniel Brand launched Black Rock Coffee in 2008 in Oregon. It has over 150 locations across Arizona, California, Colorado, Idaho, Oregon, Texas, and Washington.

The Scottsdale, Arizona-based company has drive-through locations and sells hot and iced coffees and energy drinks. Another drive-through coffee chain, Dutch Bros, went public in 2021 at a more than $5-billion valuation.