Dutch Bros More Than Doubles From Issue Price on Second Day of Listing By

© Reuters.

By Dhirendra Tripathi – Dutch Bros ‘ (NYSE:) second day of trading on the NYSE saw the stock double from the issue price before it gave up some of the gains.

It traded 19% higher at $43.50 as of 10:55 AM ET Thursday, with 89% gains from the issue price of $23.

The coffee drinks retailer made a profit of $6.3 million on sales of $404.5 million for the 12 months ended June 30.

Founder Travis Boersma is the largest shareholder of the company, followed by private equity group TSG Consumer Partners.

The company’s key rivals include Starbucks (NASDAQ:), Dunkin’ and Peet’s Coffee & Tea. The company had offered 21.05 million shares to the public in its initial public offering. Underwriters to the issue have a 30-day option to buy 3.15 million shares of the company.

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