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Laird Superfood is planning IPO
Posted on Wednesday, 02 September 2020 13:17
Plant-based packaged beverage products manufacturer Laird Superfood has announced plans for an initial public offering (IPO).
The company lodged a prospectus with the US Securities and Exchange Commission for its stock market flotation and has set a placeholder of USD 40.00 million.
Financial terms such as the price of the shares or the proceeds expected to be raised were not disclosed as the placeholder figure is used to calculate registration fees.
Canaccord Genuity and Craig-Hallum Capital Group have been hired as joint bookrunning managers for the IPO, the size and timing of which are still being determined.
Laird Superfood was founded by surfers Laird Hamilton and Paul Hodge and markets differentiated plant-based and functional foods.
Products include Superfood coffee creamer, hydration products and beverage enhancing supplements.
Founded in 2015, Laird Superfood generated net sales of USD 11.09 million in the six months ended 30th June 2020, more than double the USD 5.45 million in the corresponding period of 2019.
Net loss widened to USD 3.97 million in H1 2020, compared to a loss of USD 5.00 million in H1 2019.
Laird Superfood raised USD 10.00 million in a growth investment led by Danone Manifesto Ventures, the corporate venture arm of dairy group Danone.
The group’s products are sold online through websites and on Amazon, as well as through traditional retail channels.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 28 IPOs involving food manufacturers announced worldwide in 2020 to date.
In the largest of these, JDE Peet’s raised EUR 2.59 billion through a listing on Euronext Amsterdam.
Other companies announced listings included Jiangsu Yike Food Group, Suzhou Weizhixiang Food, Pu’er Lancang Ancient Tea and Shanxi Zilin Vinegar Industry.
© Zephus Ltd