Freshpet (FRPT) IPO Opens Up 32%

Today's IPO for Freshpet (NASDAQ: FRPT) opened for trading at $19.75 after pricing 10,416,667 shares of common stock at a public offering price of $15 per share, above the expected $12-$14 range.

Goldman, Sachs & Co. and Credit Suisse are acting as joint book-running managers for the offering. Baird, Stifel, SunTrust Robinson Humphrey and Canaccord Genuity are acting as co-managers for the offering.

Freshpet has a single-minded mission – to bring the power of fresh, natural food to dogs and cats. We are committed to doing so in ways that are good for pets, for the people who love them, and for the planet we live on. That's why all Freshpet recipes are thoughtfully prepared in the Freshpet Kitchens in Bethlehem, PA, using fresh, locally sourced ingredients.

Freshpet disclosed the following growth data:

• Our Freshpet Fridge store locations increased from 7,001 in 2011 to 10,836 in 2013, representing a compounded annual growth rate of 24%; and, as of June 30, 2014, we had 12,593 installed Freshpet Fridges, representing 28% growth over the number as of June 30, 2013.
• Our net sales increased from $25.4 million in 2011 to $63.2 million in 2013, representing a compounded annual growth rate of 58%; and for the six months ended June 30, 2014, we reported net sales of $39.7 million representing growth of 38% over the six months ended June 30, 2013.
• Our gross profit margins, which we define as net sales minus costs of goods sold divided by net sales, improved 610 basis points from 42.6% in the year ended December 31, 2011 to 48.7% in the six months ended June 30, 2014.
• Our net loss from operations decreased from $23.4 million in 2011 to $12.4 million in 2013; and for the six months ended June 30, 2014, we reported net loss of $5.6 million compared with a net loss of $6.4 million in the six months ended June 30, 2013.
• Our net loss decreased from $24.2 million in 2011 to $21.7 million in 2013; and for the six months ended June 30, 2014, we reported a net loss of $11.4 million compared with a net loss of $10.0 million in the six months ended June 30, 2013.

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