Edible Garden, a controlled environment agriculture company that grows organic herbs and lettuces, announced terms for its IPO on Wednesday.
The Belvidere, NJ-based company plans to raise $15 million by offering 1.4 million units at a price range of $10 to $12. Each unit consists of one share of common stock and one warrant, exercisable at 100% of the IPO price. At the midpoint of the proposed range, Edible Garden would command a fully diluted market value of $79 million. Because the company is offering units with warrants attached, Edible Garden no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
Edible Garden is a next generation controlled environment agriculture farming company, combining traditional growing techniques with technology to grow organic herbs and lettuces. The company uses the controlled environment of traditional greenhouse structures with hydroponic and vertical greenhouses. Edible Garden currently offers 31 SKUs and expects to further cross sell products across its supermarket partners. It currently sells its products to regional and national supermarkets.
Edible Garden was founded in 2015 and booked $10 million in sales for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol EDBL. Maxim Group LLC is the sole bookrunner on the deal.
