Karat Packaging, which produces single-use food packaging, filed on Thursday with the SEC to raise up to $75 million in an initial public offering. The company previously filed to raise $40 million at a $162 million market cap in September 2019, but withdrew the following October.
Karat is a specialty distributor and select manufacturer of environmentally-friendly disposable foodservice products and related items. Its products are available in plastic, paper, biopolymer-based, and other compostable forms, and include food and take out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves, and other products. Its customer base includes Applebee's, Chili's, Chipotle Mexican Grill, Corner Bakery Cafe, and TGI Fridays, among others.
The Chino, CA-based company was founded in 2000 and booked $281 million in sales for the 12 months ended September 30, 2020. Karat Packaging filed confidentially on October 13, 2020. It plans to list on the Nasdaq under the symbol KRT. Stifel, William Blair, and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
