Companies and Brands
Laird Superfood Announces Potential Pricing for IPO
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Laird Superfood has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. The company intends to price its 2.2 million shares in the range of $18 to $20 apiece, with an overallotment option for 330,000 shares. At the maximum price, the entire offering is valued up to $50.6 million. The company intends to list its shares on the New York Stock Exchange under the symbol LSF.
The underwriters for the offering are Canaccord Genuity, Craig-Hallum Capital and Roth Capital Partners.
This is an emerging consumer products platform focused on manufacturing and marketing highly differentiated plant-based and functional foods. The Laird Superfood brand is increasingly recognized and trusted by a growing number of consumers.
The core pillars of the Laird Superfood platform are currently Superfood Creamer coffee creamers, Hydrate hydration products and beverage enhancing supplements, and roasted and instant coffees, teas and hot chocolate.
Although these plant-based alternatives are more for beverages, it does fill an important role in the plant-based industry. Beyond Meat and Impossible Foods already dominate the plant-based meat alternatives. While Laird Superfoods may not directly compete in these areas, it still provides an interesting play to this trend.
The company’s net sales have grown from $568,000 in 2016 to $13.1 million in 2019 and $11.1 million in the first six months of 2020, representing an annualized compound annual growth rate of approximately 185%. During the same period, gross margins have expanded from 24.8% in 2016 to 38.8% in 2019 and 31.0% in the first six months of 2020.
Laird Superfood intends to use the net proceeds from this offering for working capital and general corporate purposes, including operating expenses and capital expenditures. Additionally, the firm may use a portion of the net proceeds to acquire businesses or products to further expand its portfolio.
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