Drive-through coffee firm Dutch Bros Inc (NYSE:BROS) stock dropped around 7.5% in Thursday’s early deals after it announced the launch of a $300 million share sale.
The public offering equity raise is being run by Bank of America, JP Morgan and Jefferies, which are acting as book-running managers.
Proceeds are earmarked to pay down debt and the raise comes one month into the tenure of Christine Barone as chief executive, who was promoted from president in August.
Oregon-headquartered Dutch Bros floated through a 2021 IPO amidst the pandemic, which fueled growth for the drive-through coffee seller.
In New York, Dutch Bros were down $2.08 or 7.4% trading at $26.00, valuing the company at around $4.6 billion.