Vita Coco owner plans IPO at over US$2b value

New York

THE owner of coconut water company Vita Coco is planning to go public this year after investors rushed to back Oatly Inc's initial public offering, according to people with knowledge of the matter.

All Market Inc, which also owns Runa energy drinks and water brand Ever & Ever, aims to list its shares in the United States as soon as the third quarter, the people said, asking not to be identified discussing private information, adding that the company could be valued at more than US$2 billion in an IPO.

Any potential listing plans are not finalised, and could change.

Launched in New York in 2004, Vita Coco now makes flavoured, sparkling and caffeinated coconut waters, as well as coconut oil and milk alternatives.

All Market acquired Runa, an energy drink made from plants found in the Amazon rainforest, in 2018.

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The global wellness market - which encompasses fitness, health, nutrition, appearance, sleep and mindfulness - is already worth more than US$1.5 trillion, and is set to grow by 5-10 per cent annually, according to McKinsey & Co research.

Shares of Oatly, which makes oat-based substitutes for milk, yogurt and ice cream, have jumped more than 60 per cent since its May debut to give it a market value of US$16 billion.

Early investors in Vita Coco included Madonna, Matthew McConaughey and Demi Moore.

The company also counts Verlinvest, an investment firm that focuses on so-called purpose-led brands, and Strand Equity among its backers, the firms' websites show. Both firms also invested in Oatly. Vita Coco is also backed by the Reignwood Group.

A representative for Vita Coco didn't respond to requests for comment. BLOOMBERG