BranchOut Food, which sells plant-based dehydrated snack foods, raised $7 million by offering 1.2 million shares at $6, the low end of the range of $6 to $8. The company offered 90 thousand more shares than anticipated.
At pricing, the company has a market cap of less than $50 million. As a result, 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 plans to list on the Nasdaq under the symbol BOF. Alexander Capital acted as sole bookrunner on the deal.
