Danone-Backed Laird Superfood Boosts Size, Price Range of IPO

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 [e-mail]

(END) Dow Jones Newswires

September 22, 2020 06:38 ET (10:38 GMT)

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