BRB Foods, a Brazilian manufacturer and distributor of dry food products, raised the proposed deal size for its upcoming IPO on Friday.
The São Paulo, Brazil-based company now plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. The company had previously filed to offer 2 million shares at the same range. At the midpoint, BRB Foods will raise 25% more in proceeds than previously anticipated.
BRB Foods manufactures and distributes dry food products sold under name brands licensed from companies such as Unilever. The company specializes in the entire process of acquiring, processing, manufacturing, selling, and packaging dry food products that are distributed to and marketed at major retailers and food service establishments throughout Brazil. Its product portfolio includes dry food products such as pasta, rice, beans, corn, cassava, potato, and snacks, and its most popular brands include Knorr, Arisco, Maizena, and Mãe Terra.
BRB Foods was founded in 2020 and booked $5 million in sales for the 12 months ended March 31, 2024. It plans to list on the NYSE American under the symbol BRFO. Network 1 Financial Securities is the sole bookrunner on the deal.
