BranchOut Food, which sells branded plant-based dehydrated foods, announced terms for its IPO on Friday.
The Bend, OR-based company plans to raise $9 million by offering 1.3 million shares at a price range of $6 to $8. At the midpoint of the proposed range, BranchOut Food would command a fully diluted market value of $28 million.
Because the company is expected to have a post-IPO market cap of less than $50 million, BranchOut Food will be excluded from Renaissance Capital's 2023 IPO stats.
BranchOut manufactures and markets plant-based dehydrated foods, with licensed rights to a new dehydration technology designed for drying and processing highly sensitive fruits and vegetables such as avocados and bananas. The company's current product portfolio consists of BranchOut Snacks (dehydrated fruit- and vegetable-based snacks), BranchOut Powders (avocado, banana, and blueberry powder), and BranchOut Industrial Ingredients (bulk avocado powder, dried avocado pieces, and other fruit powders/pieces). BranchOut's products are currently marketed and sold through physical retail channels like grocery chains and natural food outlets, on its website, and on Amazon.com.
BranchOut Food was founded in 2017 and booked $1 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol BOF. Alexander Capital is the sole bookrunner on the deal.
