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

The pandemic's IPO boom might not last long

Illustration: Sarah Grillo/Axios

The IPO market has boomed during the pandemic era, both for real companies and shell companies, reflecting the broader decoupling of the equity economy and real economy.

Reality check: Things could soon change. And fast.

Updated 47 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 20,158,258 — Total deaths: 738,063 — Total recoveries: 12,388,686Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 5,116,791 — Total deaths: 164,137 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. 🏈 Sports: Big Ten scraps fall football season due to coronavirus.
54 mins ago - Sports

Big Ten postpones fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten announced Tuesday that it has voted to postpone its 2020 fall sports season, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from one of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.