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Dutch Bros Stock and On Shares Soar in Their Trading Debuts

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Tennis star Roger Federer is an investor in shoemaker On Holding.

Clive Brunskill/Getty Images

Shares of Dutch Bros and On Holding made strong debuts in their first day of trading Wednesday on the New York Stock Exchange.

The first trade for Dutch Bros (ticker: BROS) was $32.50. It closed up 57.62% at $38.08.

The IPO for Dutch Bros was priced Tuesday night at $23 a share, above the marketed range of $18 to $20. Dutch Bros sold more than 21 million Class A common shares in the offering, raising $484 million. 

The stock began trading Wednesday on the NYSE under the ticker symbol “BROS.” 

Brothers Travis Boersma and Dane Boersma founded what was to become Dutch Brothers in 1992 as a single espresso pushcart in downtown Grants Pass in Oregon. As of June 30, the company was operator and franchiser of 471 shops — 264 franchises and 207 company-operated, according to the company’s prospectus.

The first trade for shoemaker On Holding (ONON) was $35.40. Shares of On, which makes high-performance shoes for runners, closed at $35.06, up 46.06%.

The company and certain investors sold 31.1 million shares at $24 each, higher than the marketed price of $20 to $22 a share. On raised $746.4 million in the offering, valuing the company at about $7.3 billion based on the outstanding shares listed in regulatory filings, according to Bloomberg.

The Zurich company, which counts tennis legend Roger Federer as an investor, began trading Wednesday on the NYSE under the ticker “ONON.” 

In a busy week for IPOs, Sportradar (SRAD), the sports betting data provider backed by Michael Jordan, debuted Tuesday. It closed Wednesday at $27, up 7.78%.

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