Vita Coco spills as top investor to cut stake

The Vita Coco

22/05/2023 15:20

** The Vita Coco Company Inc's  COCO.O  shares down 7.5% to
about 3-week low $22.59 as top investor looks to cut stake in
the packaged coconut water maker
    ** Co announces Verlinvest Beverages SA to sell 4.5 mln
shares
    ** Offering would reduce Verlinvest's stake from ~37% to
~29%, or ~16.1 mln shares. Belgium-based investment advisory
firm would remain the #1 holder, per Refinitiv
    ** BofA, Evercore, Goldman Sachs, Jefferies and Morgan
Stanley lead bookrunners for offering slated to price Tues after
markets close
    ** Including decline on Mon, shares up ~63% YTD. Stock hit
record high $25.18 last week
    ** Vita Coco went public in Oct 2021 IPO priced at $15

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))