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Tuesday, Oct 3, 2023

Mission Produce Debuts on Nasdaq

Mission Produce in Oxnard debuted on the Nasdaq, pricing 8 million shares at $12 on Thursday.Shares of the avocado company, trading under the ticker symbol AVO, peaked at $14.54 on its first day of trading and closed at $13.80. The initial public offerings gives Mission a market capitalization of $893 million.The price was a step down from the expected $15 to $17 per share, and an offering of more than 9 million shares, according to a statement from the company on Sept. 22.Mission, founded in 1983, sources, produces and distributes avocados in more than 25 countries, the company said in a statement. The company currently has 3,125 full-time employees led by Chief Executive Stephen Barnard.BofA Securities, J.P. Morgan and Citigroup are listed as bookrunning managers for the offering, while Roth Capital Partners, Stephens Inc. and D.A. Davidson & Co. are co-managers.Shares of Mission Produce closed Friday down $1.35, or 9.8 percent, to $12.45, on a day when the Nasdaq lost 2.2 percent.

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