Blue Buffalo, the largest maker of all natural dog and cat food in the US and Canada, raised $677 million by offering 33.8 million shares at $20, well above the $16-$18 range. The company offered 15% more shares than initially planned, all of which were sold by insiders, including private equity firm Invus and executives. Its $677 million deal size marks the fifth largest US IPO of 2015.
At its offer price, Blue Buffalo commands a fully diluted market cap of $4.0 billion and an enterprise value of $4.2 billion. Blue Buffalo will list on the Nasdaq under the symbol BUFF. J.P. Morgan, Citi, Barclay, Deutsche Bank and Morgan Stanley acted as lead managers on the deal.
Blue Buffalo is the fifth largest US IPO of 2015.
