Dutch Bros formally filed for its initial public offering Friday afternoon, with the Southern Oregon coffee chain reporting that it hopes to raise $100 million by selling stock on Wall Street. The company said it will use the proceeds to pay down $192 million in long-term debt.

The offering has been in the works for months, but Friday’s filing spells out details of its plans and previously secret details about the company and its financials. Dutch Bros, based in Grants Pass, didn’t estimate how Wall Street will value the business, though, or set a timetable for going public.

Dutch Bros did report that its sales totaled $327.4 million last year — up 27% from the year behind. The business booked $5.7 million in profits last year amid rapid growth. Prior reports had indicated that investment banks hoped Dutch Bros would be worth $3 billion on the public markets.

The company said it intends to trade on the New York Stock Exchange under the ticker symbol “BROS.”

Dutch Bros, which had grown rapidly by franchising its drive-thru coffee stands in prior years, has moved over the past four years to expand through company-owned outlets. Dutch Bros reported Friday that it no longer franchises at all, and nearly half its stores are now company -owned. And the company indicated it believes it could grow to as many as 4,000 locations.

In its filing, Dutch Bros said it sees a big opportunity among coffee drinkers who want their beverages on the go. But it warned its “substantial debt” — and more debt it may take on in the future to support its expansion — poses a risk to the business if it runs into trouble with its ambitious growth plans.

And the filing hints at some of the growing pains Dutch Bros will face as it moves to the public markets.

The company reported in Friday’s filing that audits of its financial statements for the past two years found “a material weakness” in its internal accounting, because it lacked “personnel capable of appropriately accounting for complex transactions we undertake.”

Dutch Bros said it hired more accountants this year, but warned that a weaknesses in its internal controls continued through the end of 2020 because the company has a “limited number” of employees with adequate expertise.

No Oregon company has raised $100 million in an IPO since 2004. Founded with a single pushcart in 1992 in Grants Pass by brothers Dane and Travis Boersma, Dutch Bros is now positioned to be one of Oregon’s largest businesses.

In a state known for fancy coffees, Dutch Bros has gone the opposite direction by offering a range of mass-market drinks, from simple drip coffee to energy drinks and frothy coffee shakes.

Dutch Bros (it’s pronounced “bros,” not “brothers”) has built an avid following with a reputation for friendly, outgoing “broistas” who rush from the coffee kiosk to greet people waiting in line at its drive-thrus.

“The most important thing for us was building customer loyalty. If we could figure that out, we were winning,” Travis Boersma, now Dutch Bros’ chairman, wrote in a letter to prospective investors included in Friday’s filing.

“So when people would come back day after day, we rolled out the red carpet. Our broistas would have fun trying to make everyone smile and create a magnetic, contagious experience,” Boersma wrote. “That lives on in our company. It’s our culture, what we look for in our employees and our differentiator.”

Dane Boersma died in 2009 of amyotrophic lateral sclerosis, Lou Gehrig’s disease.

The chain has 471 stores across the West, with the greatest number in Oregon and locations as far east as Texas and Oklahoma. Three years ago, when it took an investment from a private equity firm called TSG Consumer Partners, the coffee chain said it hoped to have 800 locations altogether by 2023.

Notably, Friday’s filing did not disclose how much of the business TSG owns, nor how much Travis Boersma and other family members own. Those details will become public if Dutch Bros proceeds with in its offering.

No new, large businesses have emerged in Oregon for several decades. But the region now has a handful of big companies emerging, some in Oregon and others just across the Columbia River in Vancouver.

Vancouver marketing data broker ZoomInfo, for example, held its IPO last year and now has a market value of nearly $24 billion. And Portland vacation rental powerhouse Vacasa plans to go public this fall by merging with a publicly traded investment fund in a deal that values that business at $4.5 billion.