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Tennis star Roger Federer is an investor in shoemaker On Holding.

Clive Brunskill / Getty Images

Actions of

Dutch brothers

and

Waiting

got off to a solid start on its first day of trading Wednesday on the New York Stock Exchange.

The first trade for Dutch Bros (ticker: BROS) was $ 32.50. At the last check, the stock soared 65.65% to $ 38.10.

The Dutch Bros. IPO was valued 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 as part of the offer, raising $ 484 million.

The stock began trading Wednesday on the NYSE under the ticker symbol “BROS”.

Brothers Travis Boersma and Dane Boersma founded what would become the Dutch Brothers in 1992 as a single espresso cart in downtown Grants Pass, Oregon. As of June 30, the company was the operator and franchisor of 471 stores – 264 franchises and 207 company-operated, according to the company’s prospectus.

The first transaction for shoemaker On Holding (ONON) was $ 35.40. At the last check, shares of On, which makes high-performance footwear for runners, rose more than 49% to $ 35.86.

The company and some investors sold 31.1 million shares at $ 24 each, which is above the market price of $ 20 to $ 22 per share. The offer raised $ 746.4 million, valuing the company at around $ 7.3 billion based on the outstanding shares listed in the regulatory documents, according to Bloomberg.

The Zurich-based company, which counts tennis legend Roger Federer as an investor, began trading on the NYSE on Wednesday under the ticker “ONON”.

In a busy week for IPOs,

Sports radar

(SRAD), the sports betting data provider backed by Michael Jordan, debuted on Tuesday. It closed lower on day one but was gaining on Wednesday, rising 3.55% to $ 25.94.

Write to editors@barrons.com


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