Zevia PBC, which makes zero calorie soft drinks sweetened with stevia, raised $150 million by offering 10.7 million shares at $14, within the range of $13 to $15. The company offered 3.6 million fewer shares than anticipated.
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 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 acted as joint bookrunners on the deal.
