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Mission Produce CEO on IPO, Possible Push Into Mango and Sustainability

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Mission Produce debuted on the Nasdaq under the ticker "AVO."

The avocado company opened at $12.25 per share, above its $12 pricing. That Wednesday pricing was below the target range of $15 to $17 per share the company had originally sought.

CEO Steve Barnard joined TheStreet to discuss why now was the right time to go public, whether they would consider offering more than just avocados (hint: mangos might be a consideration down the line) and sustainability. 

The company also downsized the offering to 8 million shares from its previous 9.375 million share plan.

6.25 million of those 8 million shares are being offered by the company with the remaining 1.75 million shares being offered by certain shareholders.

Underwriters JPMorgan, Bank of America and Citigroup have a 30-day option to purchase 1.2 million shares at the price of $12 per share. 

Mission may be debuting publicly, but the company is more than 35 years old with farms throughout California, Mexico and Peru with 11 distribution network centers located in America, Europe and China.

The company has reported a 14% compound annual sales growth rate as its volume increased by 13% between 2009 and 2019.

The company says its vertical integration allows it to have dual-source supply of its avocados.

Avocado prices have jumped in recent years, helping Mission's annual revenue jump from $600 million in 2016 to $883 million in 2019. 

You can follow Katherine Ross on Twitter at @byKatherineRoss.

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