Lei Jianping reported on October 22
Coconut water brand Vita Coco The Vita Coco Company (Vita Coco natural coconut water, abbreviation: "Vita Coco" (ticker symbol "COCO") listed on the NASDAQ in the United States yesterday.
Vita Coco was issued for $15 and raised $172.5 million in 11.5 million shares. Among them, Vita Coco sold 2.5 million shares for $37.5 million, and existing shareholders sold 9 million shares to cash out $135 million.
Vita Coco opened at $15, unchanged from the issue price; closed at $13.52, down 9.87% from the issue price; and at closing prices, Vita Coco had a market capitalization of $750 million.
Annual revenue of $310 million
Founded in 2004, Vita Coco initially had only one category, coconut water, and later expanded to include coconut plant milk, coconut oil and other products. With the help of celebrities such as Madonna, Vita Coco quickly spread in the European and American markets as a "natural sports drink".
According to IRI Custom Research, Vita Coco is the leading coconut water brand, with a 46 percent market share in the U.S., 36 percent ahead of second place.
In the international market, according to IRI UK, Vita Coco has the largest market share in the UK, with over 70%; Other European and Asian countries are still in their infancy.
According to the prospectus, Vita Coco's revenue in 2019 and 2020 was $284 million and $310 million, respectively, and revenue was $177 million in the first half of 2021, compared with $153 million in the same period last year.
Vita Coco's operating profit for 2019 and 2020 was $13.37 million and $46.86 million, respectively; Vita Coco's operating profit for the first half of 2021 was $11.84 million, compared to an operating profit of $16.53 million for the same period last year.
Vita Coco's net profit for 2019 and 2020 was $9.42 million and $32.69 million, respectively; Vita Coco's net profit for the first half of 2021 was $9.42 million, compared to a net profit of $6.58 million for the same period last year.
Vita Coco said that considering consumers' concern for natural and healthy elements and the size of the market, it will currently focus on regions such as Western Europe and China.
Reignwood Group, the parent company of Red Bull China, is a shareholder
In 2014, Vita Coco raised $166 million by selling a 25% stake in Reignwood Group, the parent company of Red Bull China, at a valuation of US$665 million, and entered into a strategic partnership to form Vita Coco China, which enjoys distribution rights to Vita Coco in Greater China.
Currently, Vita Coco shareholders include the VERlinvest family associated with AB InBev, movie stars Matthew McConaughey, Demi Moore, singer Madonna, and Reignwood Group, the parent company of Red Bull China.
Prior to the IPO, Verlinvest Beverages SA and RW VC S.A.R.L. held more than 5% of the shares.
Prior to the IPO, Verlinvest Beverages SA held 47.9% of the shares and RW VC held 17.6%; Verlinvest Beverages SA reduced its holdings by 3.24 million shares during the listing process, and RW VC reduced its holdings by 5.76 million shares, for a total of more than $100 million.
After the IPO, Verlinvest Beverages SA held 38% of the shares and RW VC held 6.4%.
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