Laird Superfood upsizes IPO as expected pricing increases

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Laird Superfood Inc. raised on Tuesday the number of shares it’s offering in its initial public offering to 2.65 million, as the expected pricing increased to between $21 and $22 a share. That’s up from expectations of a 2.20 million share offering to be priced at $18 to $20 a share. The Oregon-based plant-based and functional foods company is now looking to raise up to $58.3 million and be valued at up to $184.3 million. The stock is expected to list on the NYSE under the ticker symbol “LSF.” Canaccord Genuity and Craig-Hallum Capital Group are the joint book-running managers. For the six months ended June 30, the company recorded a net loss of $5.0 million on revenue of $11.1 million, after a loss of $4.0 million on revenue of $5.4 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 21.9% year to date, while the S&P 500 has gained 5.2%.
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