Laird Superfood, which manufactures plant-based packaged beverage products, announced terms for its IPO on Tuesday.
The Sisters, OR-based company plans to raise $42 million by offering 2.2 million shares at a price range of $18 to $20. The company may also raise an additional $10 million in a concurrent private placement to Danone Manifesto Ventures. At the midpoint of the proposed range, Laird Superfood would command a fully diluted market value of $167 million.
Founded by surfers Laird Hamilton and Paul Hodge, Laird Superfood manufactures and markets differentiated plant-based and functional foods. Its core products include Superfood Creamer coffee creamers, Hydrate hydration products and beverage enhancing supplements, and roasted and instant coffees, teas and hot chocolate. The company sells its products online, through its website and Amazon, as well as through traditional retail channels.
Laird Superfood was founded in 2015 and booked $19 million in sales for the 12 months ended June 30, 2020. It plans to list on the NYSE American under the symbol LSF. Canaccord Genuity and Craig-Hallum Capital Group are the joint bookrunners on the deal. It is expected to price during the week of September 21, 2020.
