Dutch Bros., the Oregon-headquartered coffee chain and caffeine cult of Valley millennials, has long held a steadfast grip on ownership of its ever-growing footprint across the West Coast.
Now, it’s giving customers a chance to get in on the action, announcing Monday it would seek an initial public offering of stock by the end of 2021, Barrons first reported.
Prior to its likely IPO, the chain has engaged in a unique model to expand across the West: ditching well-heeled franchisees and awarding highly-lucrative franchises to its former employees.
It even eschews strict capital requirements and offers employee-to-franchisees low-interest loans to cover the remaining costs to start their location, the company said in a Forbes profile.
Citing a prospectus released on Aug. 20, Dutch Bros. will trade on the New York Stock Exchange under the ticker “BROS” and is seeking $100 million in public investment, though that figure is subject to change – and likely will.
Bloomberg separately reported Dutch Bros. is seeking a $3 billion valuation through its stock offering.
The prospectus also peeled back the curtain to the coffee chain, exposing some interesting data points.
For starters, the average customer is spending $7.50 at the chain’s drive-thru outlets.
Through the coronavirus pandemic, Dutch Bros. reported generating $327.4 million in revenue in 2020.
In total, Dutch Bros. has 471 shops operating in 11 U.S. states with 264 being operated by franchisees and the remaining 207 run by the home office in Grants Pass, Ore.
