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After a humble beginning, Oregon’s Dutch Brothers begins an IPO | Work

Salem, Oregon (AP) — Started humbly as a push-wheel operation in the town of Oregon decades ago and grew into a company with hundreds of drive-through coffee shops in about 12 US states on Wednesday. Dutch Brothers Coffee has started its initial public offering, offered on the New York Stock Exchange.

The offer elicited an enthusiastic response from investors, who increased their stake in the company by more than 50% within a few hours.

Dutch Brothers Coffee Chairman Travis Boasma was expected to ring the Closing Bell on the New York Stock Exchange to celebrate. The company’s initial public offering price was $ 23, and the stock price jumped to $ 36 in the noon transaction.

Pacific Northwest is known for its coffee lovers. Starbucks began in 1971 at Seattle’s historic Pike Place Market. Unlike chains that are currently popular in the US and abroad, Dutch Bros is 100% drive-through.

Shops with windmill emblems sprouted in the west and are now east to Texas and Oklahoma.

President and CEO Joth Ricci told IPO Edge, a news agency focused on going public, that the company’s public offering does not mean that its growth will be overly aggressive. ..

“We aren’t accelerating growth because of the IPO, but we maintain discipline,” Ricci told the IPO Edge.

Boersma and his brother Dane started their business in 1992 and now sell espresso-based beverages from wheelbarrows near the railroad tracks in Grants Pass, a town in southern Oregon with a population of about 37,000.

Dane Boasma died in 2009 at the age of 55 from amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease, called ALS.

Dutch Bros Coffee held its 15th Drink One for Dane Day in May. On this day, the company donated a portion of the proceeds from all its shops to the Muscular Dystrophy Association, a leading nonprofit organization for ALS research, care and advocacy.

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Follow Andrew Selsky on Twitter. https://twitter.com/andrewselsky

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After a humble beginning, Oregon’s Dutch Brothers begins an IPO | Work

Source link After a humble beginning, Oregon’s Dutch Brothers begins an IPO | Work

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