Yesway files for Nasdaq IPO

WEST DES MOINES, Iowa - Yesway, a fast-growing convenience store operator with a growing footprint across the Southwest and Midwest, has filed for an initial public offering and priced shares at $20 each, raising $280 million through the sale of 14 million shares of Class A common stock.

The company’s shares have been approved for listing on the Nasdaq Stock Market under the ticker symbol YSWY. The offering is being led by Morgan Stanley, J.P. Morgan and Goldman Sachs, with additional participation from Barclays, BMO Capital Markets, KeyBanc Capital Markets, Guggenheim Securities and Raymond James.

Yesway said net proceeds will be used to purchase LLC interests from its parent company, which plans to use the funds, along with existing cash, to redeem preferred interests, reduce debt, and support general corporate purposes, including new store development.

The filing highlights a convenience operator that has grown through acquisitions, new store construction, and store redevelopments. As of December 31, 2025, Yesway operated 448 stores across 9 states, excluding 29 stores in Iowa and Kansas that are slated for divestiture. The company said it owns about 65% of its underlying real estate.

Yesway operates under the Yesway and Allsup’s banners, with a merchandising mix that includes fuel, grocery, foodservice and private-label products. The company said its in-store offer is anchored by Allsup’s well-known foodservice lineup, including its deep-fried burritos.

The retailer has also been steadily expanding its physical footprint. Since mid-2021, Yesway has opened 59 new-to-industry stores and completed 31 raze-and-rebuild projects. Looking ahead, the company plans to open about 130 new stores over the next five years.

In 2025, Yesway reported $2.67 billion in revenue, up 5.8% from the prior year. Gross profit totaled $581.1 million, representing a 21.7% margin. Operating income totaled $115.8 million, and net income was $54 million.

Operationally, the company sold 595.3 million gallons of fuel in 2025, with diesel accounting for about 36% of gallons sold. Inside merchandise sales reached $888.7 million, and the retailer sold more than 41 million proprietary foodservice items, including about 24 million Allsup’s burritos.

Yesway is positioning itself in a large yet fragmented convenience market. The company cited industry data showing that U.S. convenience retail generated $837.4 billion in sales in 2024, including $335.5 billion in inside merchandise sales. It also noted a store base of roughly 152,000 U.S. convenience stores, with most operated by chains of 10 stores or fewer, creating room for further consolidation.

Management is led by Chairman, President and CEO Thomas N. Trkla, CFO and Treasurer Ericka L. Ayles and General Counsel and Secretary Kurt M. Zernich.