CFGI’s Capital Markets team supported Vital Farms (Nasdaq: VITL) with an initial public offering of 5,040,323 shares of common stock priced at $22.00 per share for gross proceeds of $111 million before deducting underwriting discounts, commissions and offering expenses.
The offering granted underwriters a 30-day option to purchase an additional 1,395,596 shares at the initial offering price. The shares began trading July 31, 2020, and the offering closed on August 4, 2020. For more information, please read Vital Farm’s press release.
Vital Farms, a Certified B Corporation, offers a range of ethically produced pasture-raised food products. Started on a single farm in Austin, Texas, in 2007, Vital Farms is the leading U.S. brand of pasture-raised eggs and butter by retail dollar sales. Vital Farms’ ethics are exemplified by its focus on the humane treatment of farm animals and sustainable farming practices. Vital Farms also prioritizes the long-term benefits of each of its stakeholders, including farmers and suppliers, customers and consumers, communities and the environment, and crew members and stockholders. Vital Farms’ pasture-raised products, including shell eggs, butter, hard-boiled eggs, ghee and liquid whole eggs, are sold in approximately 13,000 stores nationwide.