Inspire Brands, the parent company of Dunkin’, has confidentially filed for an initial public offering in the United States, paving the way for the restaurant giant’s return to public markets nearly six years after Dunkin’ Brands was taken private.
The Atlanta-based company said the IPO proceeds are expected to be used mainly to reduce debt and cover offering-related expenses. It is reported that the public offering could raise nearly $2 billion, although the company has not yet disclosed the number of shares to be offered or a target valuation.
Backed by Roark Capital Group, Inspire Brands has grown into one of the world’s largest restaurant franchise operators since its launch in 2018. The company was formed after Arby’s acquired Buffalo Wild Wings and later expanded through acquisitions including Sonic Drive-In, Jimmy John’s and Dunkin’ Brands.
Its acquisition of Dunkin’ Brands in 2020, valued at $11.3 billion including debt, brought both Dunkin’ and Baskin-Robbins into the Inspire portfolio and took Dunkin’ private.
Today, Inspire Brands oversees a franchise-led network of more than 33,000 restaurant locations worldwide with annual system sales exceeding $33 billion. Its portfolio includes Dunkin’, Baskin-Robbins, Arby’s, Buffalo Wild Wings, Jimmy John’s and Sonic Drive-In.
The IPO filing also comes amid operational challenges for Dunkin’ in some international markets, including India. In March 2026, Jubilant FoodWorks announced that it would not renew its Dunkin’ franchise agreement beyond December 2026, effectively marking the brand’s planned exit from India after nearly 15 years.
Dunkin’ had entered India in 2012 with aggressive expansion plans but gradually scaled down operations amid mounting losses and intense competition in the café and quick-service restaurant market. Jubilant FoodWorks operated 27 Dunkin’ outlets in India as of December 2025, with the brand contributing less than 1% to the company’s overall revenue.
Reports also suggest Jubilant is in discussions to transfer Dunkin’s India rights back to Inspire Brands ahead of the franchise expiry.
For the global franchise sector, Inspire Brands’ planned IPO is expected to be closely watched as a key indicator of investor appetite for large-scale multi-brand restaurant franchisors amid a recovering IPO market and continued pressure on consumer spending worldwide.
