Shares of Laird Superfood LSF, a health food and beverage maker, nearly doubled from their IPO price during their first day of trading.
Laird shares recently traded at $41.50, up 24% from its opening price and up 89% from its IPO price of $22. They have touched $44.
The IPO price matched the top of the company’s range. It sold 2.65 million shares, generating $58.3 million. The IPO price put the company’s value at $184.3 million.
Laird’s mission is to “provide great tasting, high-quality, plant-based products that are healthy, convenient, affordable and available to all,” it said in its prospectus.
Laird’s main products now are Superfood Creamer coffee creamers, Hydrate hydration products and beverage enhancing supplements, and roasted and instant coffees, teas and hot chocolate.
“Over time, Laird Superfood plans to aggressively and strategically grow revenues by further penetrating the multibillion-dollar market opportunity presented by our current product lines," the company said.
It also plans to expand its "platform to include additional products that meet our strict plant-based-ingredient criteria to diversify our revenue base and increase Laird Superfood’s total addressable market opportunity,” the company said.
For the first six months of 2020 Laird Superfood posted a loss of $1.40 a share, widened from $1.13 in the year-earlier first half. Sales more than doubled to $11.1 million from $5.4 million.
Laird Superfood, Sisters, Ore., was founded in 2015 by two friends and surfing partners, Laird Hamilton and Paul Hodge. Hamilton is a world-renowned surfer.