After filing for an initial public offering in June, Grants Pass, Ore.-based coffee chain Dutch Bros. Inc. announced it is seeking a $3.3 billion IPO valuation, or $18-$20 per share, according to a revised S-1 form filed with the U.S. Securities and Exchange Commission Tuesday. The company also plans to use the ticker symbol, BROS.
“The most important thing for us was building customer loyalty. If we could figure that out, we were winning. So, when people would come back day after day, we rolled out the red carpet,” Travis Boersma, cofounder and executive chairman of Dutch Bros. said in a letter accompanying Tuesday’s SEC filing.
According to the filing, Boersma — who started the company with his brother Dane, who passed away in 2009 from ALS — will own nearly three-quarters of the voting power for Dutch Bros.’ common stock. Dutch Bros’ Coffee’s partner, private equity firm TSG Consumer Partners, will own approximately 22% of voting power after initially investing in the company in 2018.