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Feb 06
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LONG
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Andrew Ross Sorkin
Co-Anchor, Squawk Box
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The organic nutrition company is IPOing today, pricing at $18/share (mid-range), implying a ~$720 million valuation. The company positions itself as a "mission-driven" Public Benefit Corporation that is disrupting the baby/kid food aisle. They claim to be profitable on an adjusted EBITDA basis and are expanding distribution beyond premium grocers (Whole Foods) into mass market (Walmart, Kroger) and government assistance programs (WIC). Distribution in 25,000 stores. Top-tier velocity in their category. The company is still losing money on a GAAP basis (though they cite non-cash derivative charges as the cause). The baby food sector is highly competitive with low barriers to entry. |
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