Tue, 26 Oct 2021

PORTLAND, Oregon: Dutch Bros Coffee, which began in business by selling espresso-based coffee drinks from a pushcart in the Oregon town of Grant Pass, launched an initial public offering on Wednesday on the New York Stock Exchange.

The company's value rose by more than 50 percent within hours of the launch, which generated enthusiasm among investors.

Travis Boersma, Dutch Bros Coffee Executive Chairman, rang the ceremonial first trade bell on the floor of the NYSE on Wednesday.

The company's initial public offering price of $23 surged to $37 by the close of the day's trading.

The IPO is the largest in Oregon's history and made Dutch Bros Coffee the state's fifth-most-valuable company.

Wearing a baseball cap turned backwards and a t-shirt of rock band 'Rage Against the Machine,' Boersma banged the gavel as the NYSE's closing bell sounded, in the presence of the company's executives and guests.

"Who would have thought that you could take a coffee cart in a small little town like Grants Pass and really do what you hear about growing up as a kid, you know, the American dream, and actually go out and pull it off. It is surreal," he said, as reported by Oregon TV station KDRV.

However, Joth Ricci, the company's President and CEO, told news outlet IPO Edge, "We are not accelerating growth because of the IPO, but staying disciplined."

Boersma and his brother Dane launched the company in 1992 in Grants Pass, eventually growing to own hundreds of drive-thru coffee shops.

Dane died of amyotrophic lateral sclerosis, also known as ALS or Lou Gehrig's disease, at age 55 in 2009.

The company donated part of the proceeds from all of its stores to the Muscular Dystrophy Association after its 15th annual "Drink One for Dane Day" in May.

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