Vital Farms raises nearly $205 million in IPO

Vital Farms began its first day as a publicly traded company on July 31, after raising nearly $205 million in an initial public offering (IPO).

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(Vital Farms)
(Vital Farms)

Vital Farms began its first day as a publicly traded company on July 31, after raising nearly $205 million in an initial public offering (IPO).

The pasture-raised egg and butter company is now trading on the Nasdaq exchange under the VITL ticker.

During the IPO, 9,303,977 shares sold at a price of $22 per share, to raise $204,687,494.

"Thank you to our stakeholders – our crewmembers, farmers and suppliers, customers and consumers, communities, and stockholders – whose collective belief in ethical food enabled us to reach this milestone.” said Russell Diez-Canseco, president and CEO of Vital Farms.

Since the IPO, share prices of Vital Farms have steadily climbed. When markets opened on August 4, shares were trading at $37.99.

Vital Farms was founded in 2007 in Austin, Texas, with a mission “to bring ethically produced food to the table.”

Vital Farms egg products include shell eggs, hard-boiled eggs and liquid whole eggs. The company is also involved in the production of free-range butter and ghee. As of December 31, 2019, Vital Farms had a flock of 300,000 hens, according to the WATTPoultry.com Top Companies Database.

According to an email from a spokesperson for the company, Vital Farms is the leading pasture-raised egg and butter brand in the United States and the No. 2 egg brand in the United States by retail dollar sales. Vital Farms was also described as the leading egg brand at Whole Foods Market and Sprouts by retail dollar sales, and the No. 2 egg brand at Kroger and Target stores, also by retail dollar sales.

The company held a ribbon cutting on an egg processing facility in Springfield, Missouri, in 2017. Less than two years later, Vital Farms announced it was expanding its operations there with a shell egg grading and packing facility known as “Egg Central Station,” which is capable of packing 3 million eggs per day.

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