Karat Packaging, which produces environmentally-friendly single-use food packaging, withdrew its plans for an initial public offering on Thursday. It had filed to raise $40 million by offering 5 million shares at a price range of $7 to $9 to command a market cap of $162 million. It had previously postponed its offering on October 16, 2019.
The Chino, CA-based company was founded in 2000 and booked $201 million in sales for the 12 months ended June 30, 2019. It had planned to list on the Nasdaq under the symbol KRAT. National Securities was set to be the sole bookrunner on the deal.
