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April 15, 2021, 7:22 a.m. EDT

Karat Packaging IPO prices below range at $16 a share

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By Ciara Linnane

KRT

Karat Packaging Inc. /zigman2/quotes/208516683/lastsale KRT -0.77% said Thursday it initial public offering priced at $16 a share, below its proposed price range of $18 to $20. The maker of environmentally friendly disposable food product packaging sold 3.95 million shares to raise $63.2 million. The stock will begin trading on Nasdaq later Thursday, under the ticker symbol 'KRT.' Underwriters led by Stifel, William Blair and Truist Securities have the option to purchase an additional 592,500 shares to cover over-allotments, if any. Proceeds will be used to repay about $30 million of debt and for general corporate purposes, including facility expansions and acquisitions.

/zigman2/quotes/208516683/lastsale
US : U.S.: Nasdaq
$ 18.15
-0.14 -0.77%
Volume: 29,570
May 12, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$360.49 million
Rev. per Employee
N/A
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