Inspire Brands, the owner of fast-food chains Dunkin’, Arby’s and Jimmy John’s, said Friday it had confidentially filed for a US initial public offering, as the consumer IPO market picks up steam after a tepid 2025.

Atlanta-based Inspire Brands, which was formed in 2018 by private equity firm Roark Capital as a holding company, has a portfolio of more than 33,000 restaurants, including chains such as Buffalo Wild Wings, Sonic Drive-In and Baskin-Robbins.

The company bought Dunkin’ Brands in an $11.3 billion deal in 2020, in one of the largest restaurant deals.

Bloomberg News reported in March that Inspire ​Brands’ IPO could raise about $2 billion as early as this year.

The confidential IPO filing comes as US restaurant chains such as McDonald’s and Domino’s flag pressure on consumer spending from higher gasoline prices due to the US-Israeli war on Iran.

Strong start to listings

The IPO window for retailers and consumer-goods ‌companies has cracked open this year after tariff-related uncertainty hampered activity last year, with investors looking past headwinds that had earlier curbed appetite.

Jennifer Garner-backed children’s organic food company Once Upon a Farm, retailer Bob’s Discount Furniture, convenience store chain Yesway, and organic juice maker Suja Life have gone public in New York this year.

Fashion retailer Tailored Brands and sandwich chain Jersey Mike’s have also confidentially filed for New York IPOs.

Inspire Brands plans to use the IPO proceeds to repay debt and other purposes.

The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said.

Confidential filings with the US securities regulator let companies prepare for IPOs away from public market scrutiny.