Zevia PBC, which makes zero calorie soft drinks sweetened with stevia, announced terms for its IPO on Monday.
The Encino, CA-based company plans to raise $200 million by offering 14.3 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Zevia PBC would command a fully diluted market value of $907 million.
Zevia provides six product lines of zero calorie, zero sugar, naturally sweetened beverages in the US and Canada. The company provides approximately 37 flavor variations across soda, energy drinks, organic tea, mixers, kids drink, and sparkling water. Each product line is sold under the Zevia brand name and uses a common set of organic ingredients.
Zevia PBC was founded in 2007 and booked $118 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol ZVIA. Goldman Sachs, BofA Securities, Morgan Stanley, Stephens Inc., BMO Capital Markets, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of July 19, 2021.
