Buda Juice, Inc. saw its shares jump 60% on Thursday, opening at $12 after an initial public offering price of $7.50. The company raised $20 million from the sale of 2,666,667 shares before fees and expenses.
The company, known for its UltraFresh™ citrus juices sold in supermarket produce sections, is now trading on the NYSE American under the ticker symbol BUDA.
Buda Juice plans to use the funds to build production plants in South Carolina and Arizona/Nevada, expand its Dallas facility, support in-store marketing, and provide working capital for growth.
CEO and Co-Founder Horatio Lonsdale-Hands said the IPO is a major step for the company and the UltraFresh™ juice category. He emphasized that the funds will help make UltraFresh™ juices a standard in grocery stores while maintaining safety, taste, and nutrients.
MDB Capital underwrote the IPO. The underwriter also has a 45-day option to buy up to 400,000 additional shares, about 15% of the offering, to cover any extra demand.