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Tennis star Roger Federer is an investor in shoemaker On Holding.
Clive Brunskill / Getty Images
Actions of
Dutch Bros.
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Waiting
it debuted strongly on its first trading day Wednesday on the New York Stock Exchange.
The first Dutch Bros. trade (marker: BROS) was $ 32.50. It closed up 57.62% at $ 38.08.
The listing of Dutch Bros. was priced Tuesday night at $ 23 per share, above the marketed range of $ 18 to $ 20. Dutch Bros. sold more than 21 million Class A common shares in the offering, grossing $ 484 million.
The shares began trading on the NYSE on Wednesday with the “BROS” symbol.
Brothers Travis Boersma and Dane Boersma founded what was to become Dutch Brothers in 1992 as a single express cart in downtown Grants Pass, Oregon. As of June 30, the company was operating and franchising 471 stores: 264 franchises and 207 operated by the company, according to the company’s brochure.
The first trade of the shoemaker On Holding (ONON) was $ 35.40. Shares of On, which makes high-performance shoes for runners, closed at $ 35.06, up 46.06%.
The company and certain investors sold 31.1 million shares at $ 24 each, higher than the market price of $ 20 to $ 22 per share. According to Bloomberg, it earned $ 746.4 million in the offering, valuing the company at about $ 7.3 billion based on the outstanding shares listed in the regulatory filings.
The Zurich-based company, which has tennis legend Roger Federer as its investor, began trading on the NYSE on Wednesday with the ticker “ONON”.
In a very busy week for IPOs,
Sportradar
(SRAD), the sports betting data provider backed by Michael Jordan, debuted Tuesday. It closed Wednesday at $ 27, up 7.78%.
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