Coffee maker JDE Peet’s brings forward $2.9 billion IPO

FILE PHOTO: A man wearing a face mask walks past a Peet’s coffee shop in Washington, U.S., May 19, 2020. REUTERS/Kevin Lamarque/File Photo

AMSTERDAM (Reuters) – JDE Peet’s will bring its initial public offering forward to Friday in response to strong investor interest, the world’s No. 2 maker of packaged coffee said, of one the few large listings to proceed during the coronavirus crisis.

The owner of brands such as Peet’s Coffee, Douwe Egberts, and Jacobs has attracted investors including George Soros’ Quantum Partners and is set to sell 2.6 billion euros ($2.9 billion) worth of new and existing shares in the IPO.

Shares will start trading on the Amsterdam stock exchange on May 29 instead of June 3, JDEP said in a statement on Thursday.

“In light of the strong response by investors to the

offer, the closing of the offer is being brought forward.”

Banks running the IPO gave an indicative price range of 30 euros to 32.25 euros per share on Tuesday, valuing the company at up to 16 billion euros (14.37 billion pounds).

They said on Thursday that the order books from investors for the IPO were more than full at 31.50 euros, with 82.1 million shares on offer including so-called greenshoe overallotments, or 2.6 billion euros worth, roughly a 17% stake.

Orders placed below 31.50 euros would “risk missing” being allocated shares, they said in a note to investors.

JDEP said an exact price and number of shares on Friday before the listing on Euronext in Amsterdam.

Reporting by Anthony Deutsch and Toby Sterling; Editing by Clarence Fernandez and Alexander Smith

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