Vital Farms, the largest US producer of pasture-raised eggs and butter, raised the proposed deal size for its upcoming IPO on Wednesday.
The Austin, TX-based company now plans to raise $156 million by offering 7.8 million shares (35% insider) at a price range of $19 to $21. The company had previously filed to offer the same number of shares at a range of $15 to $17. At the midpoint of the revised range, Vital Farms will raise 25% more in proceeds than previously anticipated to command a fully diluted market value of $869 million.
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, Jefferies, BMO Capital Markets and Stifel are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2020.
