Vita Coco Is Moving Toward a $100 Million IPO, Date and Price to Come

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Sep. 28 2021, Published 10:35 a.m. ET

The parent company of Vita Coco, known for being the top coconut-water supplier, has filed for a $100 million IPO, according to sources. Vita Coco, founded in 2004, is owned by the parent company All Market Inc., also known as All Market Brands.

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The plant-based beverage market was about $11 billion globally in 2018—a figure that's expected to grow to $20 billion by 2023. In 2020, Vita Coco’s U.S. coconut water sales totaled about $160 million, down from over $200 million in 2017. When will Vita Coco go public?

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Vita Coco's history

Vita Coco is the top coconut water brand in the overall Vita Coco portfolio. The company also produces Runa, which is a plant-based energy drink. Ever & Ever is its water brand distinguished by its sustainable packaging. A recently launched product for Vita Coco is PWR LIFT, which is a flavored water infused with protein.

All Market Brands was co-founded in 2004 by Ira Liran and CEO Michael Kirban. In June 2021, All Market Brands, the parent company of Vita Coco, announced that it was converting to a PBC (Public Benefit Corporation). Essentially, this means that it's a for-profit company that also has a stated purpose-filled mission beyond ROI for stakeholders.

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In June, Kirban said, “Our values have always been a reflection of those of our consumers. It’s in our DNA to not only do what feels good, but what feels right,” according to BusinessWire.

Part of the company’s commitment to social good is carried out via its Vita Coco Project, which was founded in 2014. “With our Give, Grow, Guide philosophy, we work to help these coconut farmers increase their annual yield, diversify their crops, and grow sustainably.” Educational scholarships and building new schools are also included in the project.

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Vita Coco IPO date, price, and stock symbol

On Sept. 27, Vita Coco filed for a $100 million IPO with the SEC. The joint bookrunners for the offering include Goldman Sachs, BofA Securities, Credit Suisse, Evercore ISI, Wells Fargo Securities, Guggenheim Securities, Piper Sandler, and William Blair.

The number of shares on offer hasn't been determined, and the company hasn't set a target price range per share yet. The company intends to list on the Nasdaq under the ticker symbol "COCO."

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Vita Coco booked $334 million in sales for the 12 months ended June 30, 2021. Initially, the company filed confidentially in mid-July.

vita coco ipo details
Source: Vita Coco Facebook
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Plant-based company stocks

As more citizens globally are becoming concerned about climate change, plant-based food and drink alternatives have come to the forefront of business. People hope to reduce their carbon footprint through what they consume. They hope that plant-based meats and other products can be a part of that solution.

Another plant-based beverage that recently entered the public market is Oatly—a Swedish oat milk firm.

Vita Coco is a part of the plant-based shift in consumption. Vita Coco remains its top product, along with its two other brands. It could be a challenge to distinguish itself from bigger competitors like Coca-Cola, PepsiCo, Monster, and Red Bull. The funds raised in an IPO could help the company grow.

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