Suja Life, Inc. has formally kicked off the roadshow for its initial public offering after submitting a registration statement to the Securities and Exchange Commission. The company is proposing to sell a total of 8,888,889 shares of its Class A common stock, split between 8,688,170 shares offered by Suja Life itself and 200,719 shares offered by a selling stockholder.
The expected price range for the IPO has been set between $21.00 and $24.00 per share. In connection with the offering, Suja Life and the selling stockholder have agreed to give the underwriters a 30-day option to buy additional shares. Specifically, the underwriters may purchase up to 701,153 additional shares from Suja Life and up to 632,180 additional shares from the selling stockholder at the offering price less underwriting discounts and commissions.
Following the closing of the offering, Suja Life will act as the sole general partner of Suja Life Holdings, L.P., retaining operational control and responsibility for managing the business activities of Holdings LP.
Suja Life plans to use the net proceeds from the offering to acquire newly issued limited partner units in Holdings LP and to purchase LP units from existing owners. The purchase price for those LP units will be equal to the offering price per share minus underwriting costs and commissions.
Holdings LP is expected to apply the portion of proceeds it receives toward several identified needs: repayment of borrowings outstanding under its credit agreement, cash payments to employees and directors for incentive unit settlements and transaction bonuses, and payment of expenses associated with the offering.
The company has applied to list its Class A common stock on The Nasdaq Global Select Market under the ticker symbol "SUJA." The bookrunning syndicate for the offering is led by Goldman Sachs & Co. LLC, Jefferies, and William Blair as joint lead bookrunning managers. BofA Securities and Evercore ISI are serving as bookrunning managers.
Context and next steps
Suja Life's roadshow marks the formal marketing phase of the IPO process. The underwriters' overallotment options provide flexibility for additional issuance within a 30-day window at the offering price less underwriting discounts and commissions. The company and Holdings LP have identified specific allocations for net proceeds, tying part of the capital to debt reduction and incentive-related cash disbursements.