Dutch Bros prices IPO at $23 a share, coffee chain to raise nearly $500 million

Dutch Bros Inc. on Tuesday said it was pricing its initial public offering of 21,052,632 shares of Class A common stock at $23 per share.

The drive-through chain serves a variety of drinks, including coffee, lemonade, energy drinks and shakes. The company said it has over 470 shops in 11 U.S. states.

Dutch Bros said it expected shares to begin trading on the New York Stock Exchange on Wednesday under the symbol BROS. The offering is expected to close Friday, the company said.

In 2020, the company had revenue of $327 million, with revenues of $245 million from company-owned stores and $83 million from franchised shops, it said. In the prior year, the company had $238 million in revenue, with $152 million coming from company-owned stores and $87 million coming from franchised stores.

Write to Stephen Nakrosis at [email protected].