When Oregon-based Dutch Bros had its initial public offering last week, its initial shares went overwhelmingly to large, institutional investors. The company set aside another 5% for employees, business associates and others – “friends and family,” most likely – who could get in at the $23 offering price. But when the stock began trading on the New York Stock Exchange, shares were selling for $37 apiece – far above the offering price. Kevin Boeh, associate teaching professor of finance at the UW, is quoted.