Sept 14 (Reuters) - Private equity firm TSG-backed Dutch Bros Inc priced its initial public offering (IPO) above its target range on Tuesday, valuing the company at about $3.8 billion.
The coffee chain sold 21.1 million shares at $23 each, above the $18 to $20 per share range set earlier, to raise about $484 million in the IPO.
TSG holds a minority stake in the company, which it bought for an undisclosed sum in 2018.
Dutch Bros, founded in 1992 by brothers Dane and Travis Boersma in Oregon, had opened its first franchise in 2000 and now has 470 drive-thru coffee locations in 11 states.
It reported a 13% rise in franchising and other revenue at $47.1 million for the six months ended June 30, compared with a year earlier when it's same-shop sales dropped due to the COVID-19 pandemic and the West Coast wildfires. (Reporting by Juby Babu in Bengaluru; editing by Uttaresh.V)