PORTLAND, Ore. — Dutch Bros, the popular drive-through coffee chain that started in Grants Pass, Oregon in 1992, has started the confidential process to file for an initial public offering, the company announced Tuesday.
In a press release, the company said it has "confidentially submitted a Draft Registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common stock." The potential public offering won't happen until after the SEC completes its review process.
At this time, the number of shares to be offered and the price range for the proposed offering have yet to be determined. Last month, Bloomberg reported that the company was hoping for a $3 billion market value. If that happens, the Oregonian reports it would be the biggest IPO in Oregon history.
Dutch Bros was founded in 1992 by Grants Pass natives Travis and Dane Boersma. Dane died of Lou Gehrig's disease in 2009.
The company has grown significantly over the past three decades. There are now 470 stores in 11 states and about 13,000 employees.