Who is in the mood for some coffee? The coffee chain Dutch Bros is eyeing an IPO that should raise more than $421m on the New York Stock Exchange (NYSE). The company, backed by private equity firm TSG, aims for a $3.3b valuation — that's quite a number for grinding coffee beans! TSG bought a minority stake in the company for an undisclosed amount back in 2018.
Since its first coffee chain in 2000, Dutch Bro's has opened 470 drive-thru coffee locations in 11 states and employs over 16,500 people. Despite Covid-19 restrictions and west coast wildfires, the Oregon-based company cashed in $47.1m in revenue for the first half of 2021 — that's a 13% increase compared to 12 months ago.