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Dutch Bros cheered in public debut, as stock opens 41% above IPO price

Dutch Bros Inc. was cheered in its public debut, as the drive-through coffee coffee chain’s stock opened 41.3% above the initial public offering price. The company had said overnight that it raised $484.2 million as its 21.05 million-share IPO priced at $23 a share, well above the expected range of between $18 and $20 a share. The stock’s first trade on the NYSE was at $32.50 at 12:20 p.m. Eastern for 2.6 million shares. The stock has since added to gains, to trade up 46.1% at $33.60. The company went public on a day that the Renaissance IPO ETF slipped 0.1% in midday trading while the S&P 500 gained 0.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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