Vital Farms, the largest US producer of pasture-raised eggs and butter, announced terms for its IPO on Friday.
The Austin, TX-based company plans to raise $125 million by offering 7.8 million shares (35% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Vital Farms would command a fully diluted market value of $692 million.
From its beginning on a 27-acre plot of land in Texas, Vital Farms now has a network of 200 family farms and has become the leading US brand of pasture-raised eggs and butter and the second largest US egg brand by retail dollar sales. The company offers 20 retail SKUs across more than 13,000 stores as of March 2020.
Vital Farms was founded in 2007 and booked $155 million in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol VITL. Goldman Sachs, Morgan Stanley, Credit Suisse, and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2020.
