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IPO Roundup: Post Holdings' protein spinoff BellRing Brands lifts its way to $480 million IPO

The firm behind the Premier Protein and PowerBar brands boosted the number of shares in its offering but priced it below its expected range

Premier Protein shakes

BellRing Brands Inc (NYSE:BRBR), the protein-focused spin-off from Post Holdings Inc (NYSE:POST), raised $480 million in its IPO after boosting the number of shares but pricing the offering below its expected range. 

The company behind the brands Premier Protein, Dymatize and PowerBar offered 34.3 million shares at $14 per share, more than the 30 million shares initially planned but below its projected range of $16 to $19. The company was expected to raise $525 million. 

Despite the change in plans, investors are bulking up the share price. Trading opened at $15.43 and the stock has climbed to $15.79, nearly 13% above its IPO price. 

Innate Pharma SA (NASDAQ:IPHA), a French biotechnology company developing antibody therapies for cancer, earned $69 million by offering 12.5 million shares at $5.50 per share. 

Similarly, the company boosted the number of shares on offer from 10.7 million but missed its expected IPO price of $7.50 per share. It had planned to raise $80 million. 

The company, which boasts an FDA-approved treatment for hairy cell leukemia, saw its shares open at $5.92 and tick slightly higher to $6.02, 9.5% above its IPO price.

Withdrawn 

Karat Packaging Inc (NASDAQ:KRAT), a producer of environmentally-friendly disposable food packaging, opted to postpone its $40 million IPO, according to research firm Renaissance Capital.

The Chino, California company planned to offer 5 million shares at a price of between $7 and $9 per share. 

Karat’s products include packaging, containers, tableware, cups, lids, cutlery and straws, which are available in plastic, paper, biopolymer-based and other compostable forms

The company said its customers include Applebee’s Grill + Bar, Chili’s Grill & Bar, Chipotle Mexican Grill, Corner Bakery Cafe, In-N-Out Burger, and Panda Express.

Endeavor Group Holdings Inc, a Los Angeles entertainment, sports and content power player, officially withdrew its IPO, according to a report from the Wall Street Journal. 

The company initially opted to postpone the offering on September 27 after a cut to its projected range turned what was expected to be a $600 million IPO into a $398 million one. 

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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