Karat Packaging, which produces environmentally-friendly single-use food packaging, announced terms for its IPO on Monday.
The Chino, CA-based company plans to raise $40 million by offering 5 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Karat Packaging would command a fully diluted market value of $162 million.
Karat Packaging was founded in 2000 and booked $201 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol KRAT. National Securities is the sole bookrunner on the deal. B. Riley FBR had been a bookrunner on the deal but no longer appears on the latest filing. A pricing date has not been set.
