Following an initial announcement in May, JAB Holding-owned coffee and tea conglomerate JDE Peet’s has listed its initial public offering on Europe’s Euronext Amsterdam, raising a total of €2.25 billion ($ 2.5 billion USD) for the beverage company’s first IPO. The coffee company — a combination of Dutch beverage group Jacobs Douwe Egberts and Peet’s Coffee & Tea that was merged in December 2019 — is valued at €15.6 billion ($17.4 billion USD) with shares selling at € 31.50 per share ($25 USD).
“We selected Euronext Amsterdam for this listing due to the combination of its global reach, the business-friendly environment in the Netherlands, and the rich local heritage of our brands and our business,” Olivier Goudet, CEO and managing partner of JAB, and designated chair of JDE Peet’s board of directors, said in a statement. “We are proud to lead the reopening of the IPO market, and we look forward to the next phase of JDE Peet’s growth as a global coffee and tea powerhouse.”
The company is currently selling 22.2 million shares for approximately 700 million euros ($765.8 million USD) which will be used to pay off JDE Peet’s debt, the company confirmed in a statement.
The IPO process was completed in just 10 days and JDE Peet’s is one of the few new companies worldwide to go public during the coronavirus crisis. Immediately after listing, JDE Peet’s (listed as JDEP) surged 14%.
“We are thrilled to price this offer on Euronext Amsterdam during this extraordinary time. Seeing the investor interest in JDE Peet’s reinforces the belief in our strategy and solidifies our role as a global leader in coffee and tea,” Casey Keller, CEO of JDE Peet’s, said in a statement.
The December 2019 merger added Peet’s Coffee to JAB’s portfolio of international beverage brands, including Maxwell House, L’OR, Jacobs Coffee, Douwe Egberts, Senseo, Tassimo, Moccona, Kenco, Pickwick and Pilão.
JAB Holding is the Germany-based parent company of Panera Bread, Keurig Dr. Pepper, Krispy Kreme and Pret A Manger.
In 2019, JDE Peet’s generated a total revenue of €6.9 billion ($7.55 billion USD) across 50 brands in 100+ countries.
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