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Illustration: Rebecca Zisser/Axios

Vital Farms, the country's largest producer of pasture-raised eggs, set IPO terms to 7.8 million at $15–$17 on Friday. At the midpoint, it would raise $125 million and have an initial market cap of $627 million.

Why it matters: This is about real eggs made by real chickens, not pseudo eggs designed in a lab.

  • That might not have seemed too novel a decade ago, but today's announcement runs counter to the capital markets' hunger for alt-protein and dairy companies.
  • Shareholders include Manna Tree Partners (8.2% pre-IPO stake), SJF Ventures (8.2%), and Arborview Capital Partners (6.6%).

The bottom line: "If consumers keep paying more for products considered ethically produced and more people value those attributes, Vital Farms could have a long runway ahead for growth. It said it has low household penetration of 2% for its pasture-raised shell eggs, compared to the shell egg category penetration of approximately 93%," writes FoodDive.

Go deeper

Kendall Baker, author of Sports
Sep 22, 2020 - Sports

Alt aims to reinvent trading card collecting

Illustration: Aïda Amer/Axios

The trading card boom shows no signs of slowing down, and new companies are emerging to serve — and build upon — the evolving landscape.

Driving the news: Alt is a new platform set to launch on Oct. 1 that will allow investors to manage trading cards and other alternative assets similarly to the way they manage more traditional assets like stocks and bonds.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.