Better Choice Company, which makes premium pet food under the Halo and TruDog brands, announced terms for its IPO on Wednesday.
The Tampa, FL-based company plans to raise $41 million by offering 4.5 million shares at $9, the as-converted June 14 close of its shares on the OTCQX (BTTR). At the proposed price, Better Choice Company would command a fully diluted market value of $266 million.
Better Choice is an omni-channel supplier of premium pet food products under the Halo and TruDog brands. The company sells its products through e-commerce platforms like Chewy and Amazon, brick and mortar outlets like Petco and PetSmart, direct to consumer through its own website, and internationally. The company believes it will continue to benefit from the humanization of pets and increased consumer focus on health and wellness.
Better Choice Company was founded in 2001 and booked $41 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE American under the symbol BTTR. D.A. Davidson is the sole bookrunner on the deal.
