Inspire Brands Files Confidentially for IPO

Inspire Brands, the owner of fast-food chains including Dunkin’, Arby’s and Jimmy John’s, said Friday it had confidentially filed for a U.S. initial public offering. The company, formed in 2018 by a private equity firm as a holding company, operates more than 33,000 restaurants.

Its portfolio also includes Buffalo Wild Wings, Sonic Drive-In and Baskin-Robbins. Inspire Brands acquired Dunkin’ Brands in an $11.3 billion deal in 2020.

News reported in March that Inspire Brands’ IPO could raise about $2 billion as early as this year. The confidential filing occurs as the IPO window for retailers and consumer-goods companies has opened after tariff-related uncertainty slowed activity in 2025.

Several other companies have gone public in New York this year or filed confidentially. These include a children’s organic food company, a furniture retailer, a convenience store chain, an organic juice maker, a fashion retailer and a sandwich chain.

The company said it plans to use proceeds from the offering to repay debt and for other purposes. The number of shares to be offered and the price range have not yet been determined.

The filing comes as U.S. restaurant chains such as McDonald’s and Domino’s have reported pressure on consumer spending linked to higher gasoline prices. Those pressures are tied to the U.S.-Israeli war on Iran. Confidential filings with the U.S. securities regulator allow companies to prepare for IPOs without immediate public market scrutiny.

Inspire Brands had no further comment on the timing of a potential public listing.