Vita Coco Co. is coming out with a $173 million IPO. The makers of coconut beverages are offering a share price below the range which it had marketed earlier. The company marketed the IPO for $18- $ 21 price band but is now offering 11.5 million shares to the public at $ 15 per share.
According to Bloomberg News, the listing at $15 per share will give Vita Coco a valuation of $833 million. This is in sharp contrast to another Chicago-based Hot dog and hamburger chain to price its hare at the upper end of the range.
The company representative of the New York-based Vita Coco did not offer any comment.
Another company Portillo’s Inc, which is in the restaurant business, sold 20.3 million shares on Wednesday for $20 per share and raised $405 million. It had marketed the IPO in the price band of $17 to $20.
Some of the IPO pricing which is expected to hit the market include
- Santa Monica, California based Wink Inc. plans to raise $80 million
- P10 Inc, an investment firm based out of Dallas, is to raise $ 319 million from its proposed IPO
- Enfusion Inc, a financial software company in Chicago, plans to mop up $ 319 million from the public.
The Lead Managers of the IPO of Vita Coco are Bank of America, Credit Suisse Group AG, Goldman Sachs, and Evercore Inc.
Vita Coco shares are listed on the Nasdaq Global Select Market under the retail symbol COCO. They are expected to start trading on Thursday.
As per the prospectus, an affiliate of Keurig Dr. Pepper Inc is purchasing $20 million of Vita shares from an existing shareholder, Verlinvest, an investment firm. Keurig is a distributor of Vita Coco and energy drink Runa Clean Energy owned by Vita.
Some of the early investors in Vita Coco include celebrities like Madonna, Demi Moore, and Matthew Mc McConaughey.
Portillo’s IPO is managed by Morgan Stanley, Inc., Bank of America. Portillo’s shares will be listed on Nasdaq Global Select Market under the retail symbol PTLO.
Portillo’s started in a trailer in Oak Brook, Illinois, in 1963. It has grown to 67 restaurants in nine states today, as disclosed in its prospectus.