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.

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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.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

Early voting eclipses 2016 total with 12 days until election

People stand in line to vote early in Fairfax, Virginia in September. Photo: Tasos Katopodis/Getty Images

Americans have cast more than 47.1 million ballots in the 2020 presidential election, surpassing the total early-vote count for 2016 with 12 days left until Election Day, according to a Washington Post analysis of voting data.

Why it matters: The election is already underway, as many states have expanded early and mail-in voting options because of the coronavirus pandemic.