WhiteWave IPO Opens Up, a Win for Dean Foods

Retail

Published: October 26, 2012 9:48 am

Friday’s IPO comes from The WhiteWave Foods Company (NYSE: WWAV). This is a packaged food and beverage outfit, and its top brands include plant-based foods and beverages, coffee creamers and beverages, and premium dairy products. There is a boost here for Dean Foods Co. (NYSE: DF) as well.

This is a premium IPO. After a $14 to $16 range, WhiteWave is selling 23,000,000 shares of common stock at $17.00 per share.

Following the offering, Dean Foods Co. (NYSE: DF) will continue to own approximately 86.7% of the economic interest in WhiteWave’s capital stock. Dean Foods will also hold about approximately 98.5% of the voting power. If the overallotment shares are used up, then those percentages would be 85.0% and 98.3%, respectively.

WhiteWave’s brands include Silk (milk), Horizon Organic, Land O Lakes and International Delight.

J.P. Morgan Securities, Credit Suisse Securities and BofA Merrill Lynch are the joint book-running managers for the offering. These underwriters have an option to purchase up to an additional 3,450,000 shares of Class A common stock to cover over-allotments, if any.

WhiteWave has now opened and the first print appeared to be $19.00 per share.

JON C. OGG

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