Friday, July 23, 2021

Zevia Hits Market Via IPO

Los Angeles-based soda company Zevia has its IPO on Thursday, launching itself onto the public markets on the New York Stock Exchange at ZVIA. The company priced at $14.00 per share on Wednesday night, offering up 10,700,000 shares to buyers. The price was at the midpoint of its originally estimated $13.00 to $15.00 range. Zevia sells zero calorie soda to the consumer market, and uses stevia instead of sugar as a sweetener. The company is backed by Caisse de depot et placement du Quebec (CDPQ). In some confusion, a very similarly named company, Zenvia--in a totally unrelated industry---also had its IPO at the same time; Zenvia offers up software for communicating with customers.