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Highlights
- The Planting Hope Company Inc, a vegan food manufacturer, is all set to begin trading on the Toronto Stock Exchange Venture (TSXV).
- Formed in November 2020, Planting Hope focuses on the innovation and development of plant-based food and beverage brands.
- While its head office is located in Chicago, Illinois, is also has a reporting office in Vancouver, British Columbia.
The Planting Hope Company Inc, a vegan food manufacturer, announced on Monday, November 15, that it is all set to begin trading on the Toronto Stock Exchange Venture (TSXV).
Formed in November 2020, Planting Hope focuses on the innovation and development of plant-based food and beverage brands. While its head office is located in Chicago, Illinois, is also has a reporting office in Vancouver, British Columbia.
Planting Hope IPO: How to buy this women-led vegan firm’s MYLK stock?
One of the key factors in Planting Hope’s management is that it is a fully woman-led enterprise focusing on nutrition, sustainability and diversity.
Let us learn more about its initial public offering (IPO) plans.
The Planting Hope Company Inc – IPO details
In its IPO prospectus revealed on October 29, Planting Hope said that it would be offering 17.5 million to 22.5 million shares at a price of C$ 0.4 per piece at its IPO to raise gross proceeds of about C$ 7 million to C$ 9 million.
Following the closure of its IPO on Friday, November 12, the company updated that it sold 22.5 million shares at the planned price and raised about C$ 9 million.
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The IPO has reportedly brought the company’s valuation to about C$ 30 million.
Its stocks are expected to begin trading on the TSXV under the ticker of ‘MYLK’ on Thursday, November 18.
So, investors interested in this vegan brand could explore its stock options in a couple of days on the junior Canadian bourse.
Canaccord Genuity Corp, which acted at the IPO’s agent, has been extended an over-allotment option as per which it can buy up to an additional 3.375 million shares at the same IPO price. If this option is carried out, which will be open for a month since the IPO’s completion, the company could rake in an additional capital of up to C$ 1.35 million.
A little about The Planting Hope Company
Apart from being led by an all-female board, Planting Hope has also drawn in some interest with its unique sesamemilk brand, Our Hope and Sesame®.
Speaking about it, CEO and Co-Founder Julia Stamberger said that the product is the “liquid gold of plant-based milks”.
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Currently, Planting Hope claims to have a significant chain of major distributors and retailers, including Kroger, Whole Foods Market Canada, Amazon, etc.
Bottom line
The sustainability-focused company aims to use the financing provided by the IPO to scale and launch newer products for the plant-based food industry.
Apart from its current products in the market, the vegan company says that it has a pipeline of items ready to be launched over the next two quarters, including some newer flavors, formats, and sustainable packaging.
The company also claims to be one of the first all-women executive team-led firm to be listed on the TSXV.
