Dutch Bros, a drive-thru coffee and beverage retailer with over 450 stores mostly in the Western US, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Dutch Bros offers a variety of beverages, including hot and cold espresso-based beverages, cold brew coffee products, Dutch Bros. Blue Rebel energy drinks, tea, lemonade, and smoothies. The company had 471 shops in 11 states as of June 30, 2021, 264 of which were franchised and 207 of which were company-operated. Dutch Bros plans to focus primarily on company-operated shops for future expansion.
The Grants Pass, OR-based company was founded in 1992 and booked $405 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol BROS. Dutch Bros filed confidentially on June 11, 2021. BofA Securities, J.P. Morgan, Jefferies, Barclays, Piper Sandler, Baird, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
