Coffee Maker JDE Peet's Valued at $17.3 Billion in Virtual IPO, Shares Surge
AMSTERDAM (Reuters) - Shares in coffee maker JDE Peet's surged almost 13% in their stock market debut on Friday as investors jumped on one of the few big IPOs launched during the coronavirus crisis.
Shares in the world's No. 2 maker of packaged coffee, whose brands include Douwe Egberts, Peet's Coffee and Jacobs, were priced at 31.50 euros, valuing the firm at 15.6 billion euros ($17.3 billion). They were trading at 35.55 euros by 0755 GMT.
JDE Peet's raised 700 million euros through the sale of new shares, which it plans to use to pay down debt. Existing shareholders Acorn, controlled by German investor JAB Holding, and Mondelez, sold an additional 1.55 billion euros worth of stock, for a total of 2.25 billion euros. That represents a 16.5% stake in the company.
JDE Peet's decision to go public despite the IPO market being largely closed since the coronavirus outbreak began to gather steam in March has proved a winning bet........MORE
The dateline is Amsterdam because the stock is trading on Euronext-Amsterdam.
UPDATED—"This Secretive German Firm Is Consolidating The US Coffee Industry"
Update: The headline from CB Insights is a bit confusing. The company (JAB) itself is based in Luxembourg City but the very German Reimann family owns 90%.
Through an Austrian company.
Which is a subsidiary of a German company.
