BellRing Brands, a spinoff of Post's active nutrition unit selling protein shakes, bars, and powders, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.
BellRing primarily sells ready-to-drink protein shakes (71% of FY18 sales), powders (14%), and nutrition bars (11%). The company's core brands are Premier Protein (77%), Dymatize (13%), and PowerBar (7%).
Parent Post Holdings plans to sell 20% of its stake on the IPO.
The St. Louis, MO-based company booked $860 million in sales for the 12 months ended June 30, 2019. It plans to list on the NYSE under the symbol BRBR. BellRing Brands filed confidentially on April 5, 2019. Morgan Stanley, Citi, J.P. Morgan, and Goldman Sachs are lead joint bookrunners on the deal, along with BofA Merrill Lynch, Barclays, BMO Capital Markets, Credit Suisse, Evercore ISI, Stifel, SunTrust Robinson Humphrey and Wells Fargo Securities. No pricing terms were disclosed.
