Karat Packaging, which produces single-use food packaging, raised $63 million by offering 4 million shares at $16, below the range of $18 to $20.
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.
Karat Packaging plans to list on the Nasdaq under the symbol KRT. Stifel, William Blair and Truist Securities acted as lead managers on the deal.
