Mission Produce, a leading supplier of fresh avocados, announced terms for its IPO on Tuesday.
The Oxnard, CA-based company plans to raise $150 million by offering 9.4 million shares (33% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Mission Produce would command a fully diluted market value of $1.1 billion and an enterprise value of $1.2 billion.
Mission Produce is a world leader in sourcing, producing, and distributing fresh avocados. It serves retail, wholesale, and foodservice customers in over 25 countries. The company owns over 10,000 acres in Peru, of which over 8,300 acres are currently producing primarily avocados. The remaining are greenfields that the company intends to plant and harvest over the next few years. The company has long-standing client relationships, with a majority of its top 10 customers in the FY19 having been customers for over 20 years.
Mission Produce was founded in 1983 and booked $887 million in sales for the 12 months ended July 31, 2020. It plans to list on the Nasdaq under the symbol AVO. BofA Securities, J.P. Morgan and Citi are the joint bookrunners on the deal. It is expected to price on Wednesday, September 30, 2020.
