Dutch Bros Inc.

Dutch Bros Inc. (BROS) priced its initial public offering on Sep 16, 2021 at $23.00 per share, above its $18.00–$20.00 range, raising $484.2M, and listed on NYSE. At the IPO price its market capitalization was about $3.75B. BofA Securities was lead-left underwriter, joined by J.P. Morgan, Jefferies and Barclays and others. Cooley advised the company and Latham & Watkins advised the underwriters.

Dutch Bros Inc. operates and franchises drive-thru shops serving hand-crafted beverages, with espresso-based drinks at the core. The business was founded in 1992 by brothers Dane and Travis Boersma, starting with an espresso machine and a pushcart in Grants Pass, Oregon.

Status

IPO

Ticker

BROS

Exchange

NYSE

Priced

Sep 16, 2021

IPO price

$23.00

Price range

$18.00–$20.00

Raised

$484.2M

Market cap at IPO price

$3.75B

First filed

Aug 20, 2021

Underwriters

BofA Securities, J.P. Morgan, Jefferies, Barclays, Piper Sandler, Baird, William Blair, TD Cowen, Stifel and Penserra R. Seelaus

Company counsel

Cooley

Underwriters' counsel

Latham & Watkins

Sector

Consumer

Country / state

AZ

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.