Dutch Bros was founded in 1992, and offers espresso beverages along with other various hot and cold beverages.
The release says the number of shares to be offered has not been determined, and neither has the price range.
The lead book-running managers will be BofA Securities, J.P. Morgan Securities LLC, Jefferies LLC, Barclays Capital Inc., and Piper Sandler & Co., the press release says.
The offering will be made by means of a prospectus, and a registration statement has been filed with the SEC but wasn’t effective as of the time of the press release on Aug. 20.
PYMNTS reported in June that the listing for Dutch Bros would be a potential sign of investor enthusiasm, especially as more casual dining spaces have been filing for IPOs, including Krispy Kreme earlier this year. Dutch Bros has been mulling an IPO for some time, with the listing potentially to be worth $3 billion.
Dutch has been finding some success with its rewards program in partnership with Paytronix, which has seen over 1 million users sign up and also comes with contactless payments. And the company was able to successfully navigate the pandemic through having much of its business tied to drive-thrus, with the National Coffee Association saying that drive-thru ordering had seen a serious spike in the past year.
Allega Group CEO Jeffrey Young said in January that the coffee shop market in the U.S. was “enduring the worst trading environment in living memory.”
“However, with a changing political situation, mass vaccinations and operators rapidly adapting with new trading formats, there is light at the end of the tunnel,” he said at the time. “We expect trading to begin stabilizing from summer 2021 — however, it will take a number of years for operators to fully readjust to the ‘new normal.’”