The stock market candidate Vita Coco is aiming at a valuation of $1.17 billion at the top of the price range at the time of its IPO. The de Spoelberch family, who joined Vita Coco in 2007, will earn almost 100 million dollars thanks to the operation.
Coconut water producer Vita Coco has released details of its planned IPO. He goes to the Nasdaq at $18 to $21 per share, under the COCO stock market sticker. During the operation, both new and existing shares are sold. The New York company is targeting the top end of the price range at a valuation of $1.17 billion.
The first trading day is scheduled for next Thursday, October 21.
AB InBev connection
The main shareholder (47.9%) of Vita Coco is Verlinvest, the investment vehicle of the AB InBev de Spoelberch family. He came on board in 2007, three years after the company was founded.
The Belgian family will sell 3.24 million shares in the operation. Based on the price range, it will therefore cash in between 58 and 68 million dollars (50 to 59 million euros). But that is not everything. In a private transaction linked to the IPO, the drinks group Keurig Dr Pepper takes over Vita Coco shares from the de Spoelberch family for 20 million dollars.
Keurig Dr Pepper, a customer of Vita Coco, is no stranger to the de Spoelberch family. It is part of the JAB investment group of the German Reimann family and is led by Peter Harf and Olivier Goudet, both ex-chairmen of the beer giant AB InBev.
Keurig Dr Pepper also gets $3 million shares with limited voting rights (restricted shares) if it commits to extending its distribution agreement until mid-2026.
The second largest shareholder is the Chinese Reignwood, the distributor of Red Bull and Vita Coco in China.
Since 2009-2010, some American celebrities have also been on board, such as Madonna, Anthony Kiedis (Red Hot Chili Peppers singer) and the actors Demi Moore and Matthew McConaughey. Vita Coco was heavily promoted by those stars.
water and milk
Vita Coco is the second company in Verlinvest’s portfolio to be listed on the stock exchange this year. At the beginning of June, the Swedish oat milk producer Oatly went to the Nasdaq.
New shares were sold in this operation, but if demand was high, some existing shareholders (including the joint venture of Verlinvest and China Resources) would also sell parts. That was the case. The 50/50 joint venture reportedly sold up to 20 million additional shares for approximately $340 million.
Oatly went public at $17 a share. Initially, the price rose sharply, but since then it has fallen sharply to just above 14 dollars.