Zevia's downsized IPO prices at $14 a share, midpoint of range

Zevia PBC, a beverage company that makes zero-calorie and zero-sugar beverages with "clean" ingredients, said Thursday its initial public offering priced at $14 a share, the midpoint of its $13 to $15 price range. The company reduced the size of the deal to 10.7 million shares from a previous plan to offer 14.3 million, raising $149.8 million to fund working capital and other general corporate purposes. Goldman Sachs & Co. LLC, BofA Securities and Morgan Stanley were the lead underwriters in a syndicate of six banks. The Encino, Calif.-based company's shares will start trading on the New York Stock Exchange later Thursday, under the ticker "ZVIA." Zevia eked out a profit of $19,000 in the first quarter of 2021, after a loss of $2.6 million in the year-earlier period, but the company acknowledges it is effectively not yet profitable. "We have a history of losses, and we may be unable to achieve profitability," it says in its IPO documents. The Renaissance IPO ETF has fallen 1.4% in the year to date, while the S&P 500 has gained 16%.

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