Oregon-based coffee chain Dutch Bros Inc. has confidentially submitted a draft registration statement to the Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering would potentially take place after the SEC completes its review process, subject to market and other conditions.

Dutch Bros Coffee’s initial public offering includes plans to raise $100 million. The company would trade on the New York Stock Exchange under the ticker BROS. The coffee chain’s average unit volumes increased 3 percent in 2020 to $1.7 million, and its adjusted EBITDA jumped 43 percent last year to $70 million. Revenue also rose 37 percent in 2020 to $327.4 million.

Founded in 1992, Dutch Bros has grown to more than 420 locations in 11 states. Insiders speculate the chain could add up to 400 new outlets in the next three to five years, which would nearly double its footprint.

This filing comes as U.S. IPOs surpass the 2020 record with four months until year-end, driven by pent-up investment demand, low interest rates and high corporate valuations.