The Danone-backed plant-based company has gone public, trading on NYSE American
Laird Superfood, the plant-based food company backed by Danone Manifesto Ventures (DMV), is set to continue as a public company. The Oregon-based start-up announced the initial public offering of 2.65 million shares of its common stock at a price of $22 each. Shares started trading on 23 September on the NYSE American under the ticker symbol LSF.
On the first day of trading, Laird sold 2.65 million shares, raising $58.3 million. The IPO pricing valued the company at $184.3 million.
Stocks have been flying off the charts – at the time of writing, shares were trading 81% above its IPO price.
Laird Superfood has reported $13.1 million in revenue in the last fiscal year through sales in more than 5,500 stores and e-commerce channels in the US.
The company said its subscription business has increased at an annual rate of 297% since its launch to June, and that 60% of online sales are from subscription and repeat clients.
In April, Danone’s venture capital arm invested $10 million in the all-plant food start-up, which the company utilised to develop new offerings, expand its manufacturing campus in Sisters, Oregon, and grow its platform of clean, high-quality, plant-based products.
At the time of investing, Laurent Marcel, DMV chief executive, revealed to have a deep conviction in Laird Superfood’s culture and its understanding of the needs of today’s consumer.
Launched in 2015, Laird Superfood has been focusing on the US market, bringing products made with ‘superfood’ ingredients. The company’s offering includes creamers, functional mushroom blends, coconut water, and coffee.
Date published: 29 September 2020