Splash Beverage Group, an online retailer with a portfolio of branded beverages, announced terms for its IPO on Thursday.
The Fort Lauderdale, FL-based company plans to raise $15 million by offering 2.5 million shares at $5.97, the as-converted May 19th close of its shares on the OTCQB (SBEV). The company also plans to offer 2.5 million warrants, exercisable at $6.87 (115% of the IPO price). At the proposed price, Splash Beverage Group would command a fully diluted market value of $182 million. Because it is offering warrants, Splash Beverage Group no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
Splash manufactures, through third party facilities, and distributes several brands of beverages, including both non-alcoholic and spirits. The company produces, distributes, and markets two beverages brands: TapouT Performance, a hydration and recovery isotonic sport drink, and SALT Naturally Flavored Tequila, a 100% agave 80 proof line of flavored tequilas. It also offers seven varietals of wine through its acquisition of Copa di Vino.
Splash Beverage Group was founded in 1992 and booked $5 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE American under the symbol SBEV. Kingswood Capital Markets is the sole bookrunner on the deal.
