Coconut water brand Vita Coco sets IPO terms, plans to raise $224 million

Vita Coco Co., makers of coconut water and other beverages, has set terms for its initial public offering, with plans to raise $224 million. The company will offer 11.5 million shares, expected to price in a range of $18 to $21. Vita Coco would be valued at $1.1 billion at the midpoint of that range. Keurig Dr. Pepper Inc. (NAS:KDP) has agreed to purchase $20 million worth of shares from Verlinvest in a private placement transaction. Vita Coco plans to list on the NASDAQ under the ticker "COCO." Goldman Sachs, BofA Securities, Credit Suisse, Evercore ISI, Wells Fargo Securities, Guggenheim Securities, Piper Sandler, and William Blairare the underwriters for the deal. Founded in 2004, Vita Coco is based in New York City and had sales of $311 million for the year ending Dec. 31, 2020, up from $284 million the previous year. The Renaissance IPO ETF (PSE:IPO) has slipped 1.7% for the year to date while the S&P 500 index (S&P:SPX) has gained 16.4% for the period.