Dutch Bros Coffee filed documents for an initial public offering on Friday, with a goal of raising $100 million. The ticker “BROS” will be used to trade the company on the New York Stock Exchange.
The coffee chain’s average unit volume increased 3% to $1.7 million in 2020, and its adjusted EBITDA increased 43 percent to $70 million. In 2020, revenue increased by 37% to $327.4 million.
In its filing, Dutch Bros stated, “We believe we can capture share of any scenario where customers aspire to consume delicious beverages on the go.” “Customers are increasingly looking for fresh and unique beverages, as well as the flexibility to customise them with a variety of taste options.”
Dutch Bros, an Oregon-based coffee company, has submitted private papers to the Securities and Exchange Commission with the intention of going public. According to a press release, the number of shares for its first public offering has yet to be established and is subject to the SEC’s review procedure, market, and other variables.
Dutch Bros was founded in 1992 and now has over 420 sites throughout 11 states. Travis Boersma, the chain’s former CEO and co-founder, told Forbes that the business may add up to 400 new locations in the next three to five years, substantially doubling its footprint.
With more than six months left in the year, U.S. initial public offerings have eclipsed the record set in 2020, owing to pent-up demand for investments following a year of crises, low interest rates, and high company valuations. This year, Krispy Kreme filed for an IPO, while Torchy’s Tacos and Sweetgreen are also said to be considering going public.