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Avocados Distributor MISSION PRODUCE Set Terms for $150 Million US IPO

Esther Thin

Mission Produce Inc, an avocados distributor, has filed Amendment No 2 to Form S-1 Registration Statement on September 22, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $150 million by offering 9.4 million shares at the price range of $15 to $17. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $1.1 billion.

The company is a world largest in sourcing, producing and distributing fresh avocados, serving retail, wholesale and foodservice customers in over 25 countries. They also provide value-added services including ripening, bagging, packing and logistical management.

The Oxnard, California-based company was founded in 1983 and booked $887 million in sales for the 12 months ended July 31, 2020. It plans to list on the Nasdaq under the symbol “AVO.” BofA Securities, J.P. Morgan and Citi are the underwriters of the IPO.

The company engages Latham & Watkins LLP as US Securities Counsel, and Deloitte & Touche LLP as Independent Auditor.

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