Laird Superfood, a health food and beverage maker, said that it planned an initial public offering of 2.2 million shares priced at $18 to $20 each.
That means an expected total offering of $39.6 million to $44 million.
In addition, Danone Manifesto Ventures, DANOY a current shareholder, has the right to buy up to $10 million of common shares at the IPO price in a potential concurrent private placement.
Laird plans to trade on the NYSE with the ticker LSF. Canaccord, Craig-Hallum Capital Group and Roth Capital Partners are underwriting the offering.
The company’s mission is to “provide great tasting, high-quality, plant-based products that are healthy, convenient, affordable and available to all,” Laird 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.
As for risks, “our product categories face a high level of competition, which could negatively impact our sales and results of operations,” the company said.