It’s a safe bet to assume most business tycoons did not start out their careers as big-wave surfing hell-raisers. Then again, Laird Hamilton is not your average businessman. From Hawaii to Wall Street; boardshops to boardrooms, the iconic 56-year-old surfer has never shied away from a new opportunity or a fresh challenge.
On Wednesday, the legendary waterman got one step closer to arguably his biggest triumph yet.
Hamilton’s namesake nutrition company, Laird Superfood, officially made its debut on Wall Street as a publicly traded company. While the initial IPO (initial public offering) for Laird Superfood (ticker: LSF) was listed at $22 per share, hungry investors quickly shot the share price up to $33.55 at open, eventually surging as high as $44 per share before the closing bell.
Not a bad start for the company’s stock market debut.
CEO Paul Hodges and Hamilton co-founded the company in 2015, with the waterman’s signature plant-based coffee creamer being the primary product. But as the plant-based foods market continued to see more demand, the company expanded its selection of superfood supplements––though it still remains largely beverage-focused.
“We want to get people the things they are lacking, no matter their diet,” Hamilton told Barrons. “Because food in general just isn’t as nutrient-dense as it was in the past.”
Infusing plant-based nutrients into our daily diet has turned out to be a smart gambit. According to Barrons, Laird Superfood made $13.1 million in revenue in its most recent fiscal year and is available in more than 5,500 stores. However, the majority of sales are coming from e-commerce and its subscription-based service.
As for why they decided to go public so soon?
“We’re trying to build the next big food platform, to build a big, trusted brand,” Hodges told Barrons.
If their first day of public trading is of any indication, Hamilton and Hodges appear poised to do just that.
from Men's Journal https://ift.tt/3cp8j3c
No comments:
Post a Comment