Danone-Backed Laird Superfood Boosts Size, Price Range of IPO
September 22 2020 - 6:53AM
Dow Jones News
By Colin Kellaher
Laird Superfood Inc. on Tuesday raised the size and expected
price range of its planned initial public offering.
The Sisters, Ore., maker of plant-based foods said it now
expects to sell 2.65 million shares at between $21 and $22 apiece,
up from earlier plans to offer 2.2 million shares at $18 to $20
each.
At the $21.50 midpoint of the new range, Laird said it expects
net proceeds of about $51.5 million, or roughly $59.4 million if
the underwriters exercise an option to buy an additional 397,500
shares.
Danone Manifesto Ventures, the corporate venture arm of France's
Danone SA, currently holds a 13.4% stake in Laird and has the right
to buy up to $10 million in stock in a potential concurrent private
placement at the IPO price.
Laird said its shares have been approved for listing on the NYSE
American under the symbol LSF.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 22, 2020 06:38 ET (10:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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