The Vita Coco Company, which makes Vita Coco coconut water and other ready-to-drink beverages, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $224 million by offering 11.5 million shares (78% secondary) at a price range of $18 to $21. Keurig Dr Pepper has agreed to purchase $20 million worth of shares from existing shareholder Verlinvest in a concurrent private placement. At the midpoint of the proposed range, The Vita Coco Company would command a fully diluted market value of $1.1 billion.
The Vita Coco Company states that it is a leading fast-growing, plant-based functional hydration platform, which pioneered packaged coconut water in 2004. The company's portfolio is led by Vita Coco, which is the leader in the global coconut water category with additional coconut oil and coconut milk offerings. Vita Coco has a 46% share of the coconut water market in the US, a 36% relative market share advantage over the next leading competitor. The company's portfolio also includes plant-based energy drink Runa, sustainably packaged water Ever & Ever, and the recently launched, flavored protein-infused water PWR LIFT.
The Vita Coco Company was founded in 2004 and booked $334 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol COCO. Goldman Sachs, BofA Securities, Credit Suisse, Evercore ISI, Wells Fargo Securities, Guggenheim Securities, Piper Sandler, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of October 18, 2021.
