Laird Superfood, a company co-founded by surfing legend Laird Hamilton, experienced big investor appetite for its initial public offering as it looks to cash in on a surge in demand for all-natural food products.
|LSF||LAIRD SUPERFOOD INC||8.65||-0.02||-0.23%|
The stock surged to close at $40.80 per share on day one of trading after pricing at $22 per share.
The company trades on the New York Stock Exchange under the ticker “LSF.”
“Laird Superfood’s long-term goal is to build the first scale-level and widely recognized brand that authentically focuses on natural ingredients, nutritional density and functionality,” the company said in its S-1 filing.
Founded in 2015, Laird Superfood is based in Sisters, Oregon, and produces a variety of plant-based products. Popular offerings include its line of superfood coffee creamers, performance mushroom blends and coconut water.
The company generated net sales of $13.1 million in 2019 and $11.1 million through the first six months of 2020. This year, Laird Superfood has derived about 57 percent of its revenue from e-commerce sales through its own platform and listings on Amazon.
Prior to filing for its IPO, Laird Superfood had raised $51 million in six funding rounds, according to CrunchBase.
The company’s investors include WeWork Labs, whose parent company was forced to abandon its own IPO late last year amid concerns about its leadership and business model, and Danone Manifesto Ventures, the investment arm of multinational food company Danone.
This article, originally published on 9/1/2020, has been updated with IPO debut.