After humble beginnings, Oregon's Dutch Bros launches IPO
ABC News
After humble beginnings as a pushcart operation by an Oregon town's railroad tracks, Dutch Bros Coffee has launched an initial public offering on the New York Stock Exchange
SALEM, Ore. -- After humble beginnings as a pushcart operation decades ago in an Oregon town and growing into a company with hundreds of drive-through coffee shops in about a dozen U.S. states, Dutch Bros Coffee on Wednesday launched an initial public offering on the New York Stock Exchange.
The offering drew an enthusiastic response from investors, who sent shares of the company up by more than 50% within hours.
Dutch Bros Coffee Executive Chairman Travis Boersma was expected to celebrate by ringing the closing bell at New York Stock Exchange. The company had an initial public offering price of $23 and the share price jumped to $36 in midday trading.
The Pacific Northwest is known for its love of coffee. Starbucks started in 1971 in Seattle’s historic Pike Place Market. Unlike that chain, which is now ubiquitous in the United States and beyond, Dutch Bros is 100% drive-through.
