Vita Coco Prices IPO Below Range at $15 a Share

(Bloomberg) -- Coconut beverage maker Vita Coco Co. priced its $173 million initial public offering below a marketed range, while a Chicago-area hamburger and hot dog chain sold its shares at the top of its target.

Vita Coco and its existing shareholders sold 11.5 million shares Wednesday for $15 each after marketing them for $18 to $21, according to a person familiar with the information who asked not to be identified because it wasn’t public yet. The company is valued in the IPO at about $833 million, based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

A representative for New York-based Vita Coco declined to comment.

Restaurant company Portillo’s Inc. sold almost 20.3 million shares Wednesday for $20 each to raise more than $405 million, according to a statement. It had marketed the shares for $17 to $20.

IPOs pricing Wednesday included one other consumer company as well as an investment firm and a software company. 

• Winc Inc., a Santa Monica, California-based winemaker, is planning to raise as much as $80 million in its IPO.
• Dallas-based Investment firm P10 Inc. is seeking to raise up to $320 million in its listing.
• Financial software firm Enfusion Inc., based in Chicago, is planning to raise as much as $319 million  in its IPO.

Vita Coco’s offering is being led by Goldman Sachs Group Inc., Bank of America Corp., Credit Suisse Group AG and Evercore Inc. Vita Coco’s shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol COCO.

Concurrent to the IPO, an affiliate of Keurig Dr Pepper Inc. has agreed to purchase $20 million of stock from investment firm Verlinvest, an existing backer and selling shareholder in the offering, the prospectus shows. 

Keurig is a distributor of Vita Coco and RUNA Clear Energy, an energy drink owned by Vita. 

Early investors in Vita Coco included celebrities Madonna, Matthew McConaughey and Demi Moore.

Portillo’s offering was led by Jefferies Financial Group Inc., Morgan Stanley, Bank of America and Piper Sandler. Its shares will trade on the Nasdaq Global Select Market under the symbol PTLO.

Based in Oak Brook, Illinois, Portillo’s started in a trailer in 1963 and has grown to 67 restaurants in nine states, according to its prospectus. It features what it calls iconic Chicago street food.

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