Pasture-raised egg producer Vital Farms files for IPO22 Jul 2020
Pasture-raised egg company Vital Farms filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering. The company plans to use the symbol VITL on the NASDAQ New York stock exchange.
In its filing, the company said that it is confident there will be continued demand for ethical, transparent and sustainable brands in order to sustain its growth. "We have expanded into the mainstream channel while still continuing to command premium prices for our ethically produced products, which sell for as much as three times the price of commodity eggs," the company said. Last year, the Vital Farms posted sales of $140.7 million with a net income of $3.3 million.
Citing sales data in its S-1 filing with the SEC, the company said that its retail dollar sales in-store have grown at a 31.7% compound annual growth rate between 2017 and 2019, and the Austin, Texas-based company now holds 76% of the pasture-retail egg category in dollar terms. During the same time period, net revenue grew by 90%. Although Vital Farms holds a mighty share of the market, the overall penetration of pasture-raised eggs within the total shell egg market is still small. The company said that household penetration for pasture-raised shell eggs is only 2% compared to the entire shell egg category penetration of 93%. That small presence in American households leaves plenty of room for growth. The U.S. pasture-raised retail egg market in 2019 accounted for approximately $177.0 million in retail sales, the specialty egg market, where Vital would compete, is worth $1 billion.
While eggs are certainly the large money maker for the Austin, Texas company – its humanely-raised eggs accounted for 91% of its revenue last year – the 13-year old company is also venturing into other categories, including butter and ghee. The U.S. butter market in 2019 accounted for approximately $3.3 billion in retail sales, according to SPINS data cited by the company.
The company sells its products in more than 13,000 stores across the United States and cited the international market as a potential expansion strategy in its prospectus. However, should Vital Farms jump the pond, it will come up against other specialty companies like Cal-Maine and Kerrygold that the company cited as major competitors in the space.
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