Avocado distributor Mission Produce files for IPO

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Mission Produce Inc., a distributor of fresh avocado, filed for an initial public offering on Friday with plans to list on Nasdaq, under the ticker “AVO.” There are six banks underwriting the deal, led by BofA Securities, J.P. Morgan and Citigroup. Proceeds will be used for working capital and other general corporate purposes. “We are a world leader in sourcing, producing and distributing fresh avocados, serving retail, wholesale and foodservice customers in over 25 countries,” says the company’s prospectus. “We source, produce, pack and distribute avocados to our customers and provide value-added services including ripening, bagging, custom packing and logistical management.” The company had a net loss of $13.4 million in the six months ended April 30, after income of $23.2 million in the year-earlier period. Sales rose to $419 million from $368 million, according to the prospectus.
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