After initially seeking to raise over $100 million, The Vita Coco Company is now targeting around $224 million by issuing 11.5 million shares, priced between $18 and $21 each, as part of its initial public offering next Thursday, the company announced.
Of that offering, 2.5 million shares of common stock will be issued by the company, while the other 9 million shares will be sold by existing investors Verlinvest Beverages SA and RW VC S.a.r.l. Underwriters will have a 30-day option to purchase up to 1,725,000 additional shares at the IPO price. At $21 per share, the company’s valuation is approximately $1.17 billion.
Some of those shares are already spoken for: according to the updated filing, an “entity affiliated with Keurig Dr Pepper” (KDP) has agreed to purchase $20 million worth of stock at the IPO price of $19.50 per share from Verlinvest, which will see its ownership stake in The Vita Coco Company reduced to 38%.
Having launched with its eponymous line of coconut water in 2004, Vita Coco has evolved over the past decade into a purpose-driven, better-for-you beverage company that markets a range of coconut-based products as well as Runa natural energy drink, Ever&Ever packaged water and, most recently, protein-infused water PWR LIFT. Outside of New York City, the company’s products are distributed through a partnership with KDP.