Two companies and two SPACs entered the public market this week, while Karat Packaging (KRAT) postponed and withdrew its $40 million IPO. Two companies and one SPAC submitted initial filings.
Post spin-off BellRing Brands (BRBR) priced its $480 million IPO well below the range to command a $1.8 billion market cap (-17% v. original midpoint). BellRing came to market at a discount to its peers, but with strong growth (16% y/y) and solid margins (36% LTM gross, 23% LTM EBITDA), it gave investors a break from the high-growth large-loss tech deals that have underperformed. It