Dutch Bros, which owns and franchises drive-thru coffee shops in the Western US, raised $484 million by offering 21.1 million shares at $23, above the range of $18 to $20.
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.
Dutch Bros plans to list on the NYSE under the symbol BROS. BofA Securities, J.P. Morgan, Jefferies, Barclays, Piper Sandler, Baird, and William Blair acted as joint bookrunners on the deal.
