Oregon’s newly public companies
No Oregon company held a sizeable IPO from 2004 until 2021, but there have been four this fall, with two more on deck for next year. Here’s an overview:
Dutch Bros: The southern Oregon drive-thru chain broke the state’s IPO drought in September with the state’s biggest public offering ever, raising $550 million. Within two days, Dutch Bros shares had doubled in value from their $23 offering price. Shares later climbed as high as $81.40 before settling back at $52.85. It has a market value of approximately $8.6 billion, making it Oregon’s fourth-most-valuable company.
ESS Tech: The Wilsonville-based manufacturer says its iron-based battery technology can meet the energy storage needs of clean electricity generators. The company raised $308 million in October by merging with a publicly traded investment fund, known as a SPAC, far below the $465 million ESS had forecast. But shares climbed following the offering, and the company has a market value around $2 billion.
Expensify: Based in Portland, Expensify makes software to manage employees’ expense reports. The company raised $70 million, and another $192 million for shareholders selling their stock, in its November IPO. Shares are trading around $36, up from its $27 offering price. It has a market value of $3.0 billion.
Vacasa: The Portland vacation rental management company went public with a SPAC deal earlier this month that raised $340 million, below the $485 million Vacasa had forecast. Shares are down about 36% from their debut, finishing the week at $7.95. The company has a market value of about $3.4 billion.
Also: Vancouver-based biotech company Absci, which was founded in Portland, went public in July at $16 a share. The stock has trended downward since and is now trading around $8.67, giving it a market value around $800 million.
Coming soon: Portland-based nuclear reactor company NuScale Power expects to raise up to $413 million by going public with a SPAC deal sometime in the first half of 2022. And Portland-based childcare chain KinderCare, which pulled its IPO this fall, hopes to make another attempt next year.
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