Oregon's newest public company ended its first day on the market with a share price almost 60% higher than what it started with.
Dutch Bros (NYSE: BROS) ended the traded day at $36.68, up 59.48% above its debut price of $23 after share prices fell slightly just before close. That price puts the company's market value at roughly $6 billion, making it one of Oregon's most valuable.
The company upped the share price the day before its IPO, raising it from the range of $18 to $20 that it set last week.
CEO Joth Ricci called the debut a celebration of the company, founded by brothers Travis and Dane Boersma in 1992, as well as for Oregon's business environment.
"It's a great story, not just for Grants Pass and for Dutch Bros. I think it's a great story for Oregon."
Speaking from New York Stock Exchange on Wednesday, Ricci said he was not concerned about the closing price suggesting the IPO price was undervalued.
"You know hindsight is 20/20 but I don't think you look backwards, I think you look forwards and you just enjoy it and just make it a celebration," he said. "I'm super proud of it and and it'll be a day that for all of us that are here that we will never, ever forget, and I think that I think Trav and I would tell you that we hope that this inspires other people."
