The Vita Coco Company, which makes Vita Coco coconut water and other ready-to-drink beverages, raised $173 million by offering 11.5 million shares (78% secondary) at $15, below the range of $18 to $21.
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 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 acted as joint bookrunners on the deal.
