Dutch Bros Coffee announced an initial public offering on the New York Stock Exchange on Wednesday, after beginning as a pushcart operation in an Oregon village and evolving into a firm with hundreds of drive-thru coffee shops. Investors reacted well to the sale, sending shares of the company up more than 50% in just a few hours. On Wednesday, Dutch Bros Coffee Executive Chairman Travis Boersma rang the ceremonial first trade bell on the NYSE floor.
The company’s first public offering price was $23 per share. The share price had risen to almost $37 at the end of the day’s trading. According to The Oregonian/OregonLive, the IPO was the largest in state history, making the coffee company the state’s fifth-most-valuable company, with a stock market valuation nearing that of Portland-based Columbia Sportswear. Coffee is a popular beverage in the Pacific Northwest. Starbucks was founded at Seattle’s famous Pike Place Market in 1971.
Joth Ricci, the business’s president and CEO, told IPO Edge, a news outlet focused on new corporate share offerings, that the company’s decision to go public doesn’t mean it will grow too quickly. Boersma and his brother Dane began selling espresso-based beverages from a pushcart near the train lines in Grants Pass, Oregon, in 1992. Grants Pass today has a population of roughly 37,000 people.