‘We out-hustled, out-innovated, and out-maneuvered the competition…’ Vita Coco gears up

[ad_1]

In a revised S-1 filing you can read HERE​, Vita Coco outlines plans to offer 11.5 million shares (under the symbol COCO) to the public at an expected $18-$21/share price range, 9m of which will come from its current backers.

Keurig Dr Pepper – its largest distributor-customer – plans to buy $20m of the available stock in a private placement from current shareholder Verlinvest, while up to 5% of IPO shares will be offered to customers of investing app Robinhood, said Vita Coco, which expects to have just under 55.5 million shares outstanding following its offering, which would value it at about $998.9m (at $18/share) to $1.2bn (at $21/share).

Net sales +17% to $334m in year to June 30, 2021

Founded in New York in 2004 by Ira Liran and Michael Kirban as a coconut water business, Vita Coco​ has since expanded into coconut oil and coconut milk, energy drinks (Runa), enhanced waters (Ever & Ever), protein-infused waters (PWR LIFT), and private label products, and is the market leader in the coconut water category in the US and the UK, with a presence in 20+ other countries including China, France, and Spain.

The firm – which reported net income of $23m on net sales up 17% YoY to $334m in the 12 months ended June 30, 2021 – experienced a 29% year-on-year growth spurt in US retail sales in the 13 weeks to September 5, according to IRI data, and is now looking to accelerate its growth via a public offering.

‘We won the coconut water wars…’

In a letter in the prospectus​ ​outlining his entrepreneurial journey and ambitions for the company, Kirban said ​Vita Coco had faced off some deep-pocketed competitors over the years, but had outgunned them all.

[ad_2]

Read More: ‘We out-hustled, out-innovated, and out-maneuvered the competition…’ Vita Coco gears up