The Real Good Food Company, which makes low-carb high-protein packaged foods, announced terms for its IPO on Thursday.
The Cherry Hill, NJ-based company plans to raise $80 million by offering 5.3 million shares at a price range of $14 to $16. Insiders will offer the shares pursuant to the exercise of the underwriters overallotment. At the midpoint of the proposed range, The Real Good Food Company would command a fully diluted market value of $375 million.
Real Good Foods states that it is an innovative, high-growth, branded, health- and wellness-focused frozen food company. The company develops, markets, and manufactures delicious and convenient comfort foods designed to be high in protein, low in sugar, and made from gluten- and grain-free ingredients. Its branded products are sold to consumers through a number of locations within retail channels, primarily in natural and conventional grocery, drug, club, and mass merchandise stores, including Walmart, Kroger, and Costco. During the 12 weeks ended June 13, 2021, Real Good Foods' branded products had an average of approximately 170 thousand "total distribution points" across the US.
The Real Good Food Company was founded in 2016 and booked $56 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol RGF. Jefferies, William Blair, Truist Securities, and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of November 1, 2021.
