Karat Packaging Inc, a disposable foodservice products manufacturer, raised $63 million by offering 4 million ADSs at $16, below the proposed range of $18 to $20.
The company supply a wide range of products for the foodservice industry, including food and take out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves and other products.
The Chino, CA-based company was founded in 2000 and booked $281 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq Global Market under the symbol “KRT.” Stifel, William Blair, and Truist Securities are underwriters of the IPO.
The company engages Akerman LLP as US Securities Counsel, and BDO USA, LLP as Independent Auditor.
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