JDE Peet brings forward hot coffee IPO due to strong demand

FILE PHOTO: A Peet’s coffee shop is shown in Encinitas, California, U.S., May 19, 2020. REUTERS/Mike Blake

AMSTERDAM (Reuters) – Strong investor interest has prompted JDE Peet, the world’s No. 2 maker of packaged coffee, to bring forward to Friday its initial public offering, the company said in a statement.

JDE, one of the few large companies to brave an IPO during the coronavirus pandemic, has attracted investors including George Soros’ Quantum Partners. The company aims to raise 2.3 billion euros ($2.5 billion).

Shares will start trading on the Amsterdam stock exchange on May 29 instead of June 3, JDE, the owner of brands such as Peet’s Coffee, Douwe Egberts, and Jacobs, said on Thursday.

“In light of the strong response by investors to theoffer, the closing of the offer is being brought forward,” it added in the statement.

Books were covered in excess of the full offer size within hours of opening at an indicative price range of 30 euros to 32.25 euros per share, valuing the company at up to 16 billion euros ($17.5 billion).

An exact price and number of shares will be announced on Friday before listing on the Euronext Amsterdam, the company said.

Reporting by Anthony Deutsch; Editing by Clarence Fernandez

Source Article