US food manufacturer Post Holdings has announced the closing of the public offering (IPO) of its BellRing Brands business.
BellRing, formerly known as Active Nutrition, issued 34.28 million shares at a price of US$14 each yesterday (21 October), translating to a capital raise of around $480m.
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It also granted the underwriters a 30-day option to purchase up to an additional 5.14 million shares, to raise a further $72m, and this was exercised in full yesterday.
Upon completion of the offering, Post, which owns the Weetabix cereal brand, retains around 71% of BellRing.
BellRing’s stock is now trading on the New York Stock Exchange.
Post revealed in 2018 it planned to spin off the Active Nutrition unit and was working on the structure of an IPO and associated operational agreements.
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By GlobalDataLast month, after revealing the new name for the unit, Post said BellRing had filed a registration statement with the US Securities and Exchange Commission for the proposed IPO of class A common stock and had applied for a listing on the New York Stock Exchange under the symbol BRBR
The BellRing business includes ready-to-drink protein beverages, protein powders, nutrition bars and other nutritional supplements under brand names such as Premier Protein, Dymatize, PowerBar, Supreme Protein and Joint Juice.
