Dutch Bros to go public as IPO priced well above expectations

Dutch Bros Inc.
BROS,

is set to debut on the public markets Wednesday, after the initial public offering of the Oregon-based operator of drive-through shops that serve hot and cold drinks priced overnight at $23 a share, well above the expected range of between $18 and $20 a share. The company sold 21.05 million shares in the IPO to raise $484.2 million. The stock is expected to begin trading Wednesday on the NYSE under the ticker symbol “BROS.” The company is going public at a time that the Renaissance IPO ETF
IPO,
-0.05%


has gained 7.4% over the past three months, while the S&P 500
SPX,
+0.14%
has tacked on 4.6%.