Nepra Foods Inc announced the successful completion of the Company's initial public offering (the "IPO") of 15,903,465 common shares (the "Offered Shares") at a price of $0.47 per Offered Share for total gross proceeds of $7,474,629, which included 2,073,678 Offered Shares from the exercise of the over-allotment option. Colorado-based Nepra Foods creates nutritious plant based and allergen-free food.
Nepra's CEO, David Wood shares, "The enthusiasm we are seeing from the investor community with the launching of our IPO confirms our beliefs that the evolution the food industry is seeing away from animal-based proteins is not merely a short-term fad, but a long-term global trend. The key will be providing consumers with very nutritious, satisfying foods with great tastes and textures. The proceeds from this IPO is expected to accelerate our expansion into consumer products using our innovative ingredients."
What David Wood said about plant-based industry is also confirmed by various studies. Internationally food manufacturing startups, leading CPG companies and world's largest meat companies are working towards filling the increasing demand for plant-based alternatives through innovation and research. The new age plant based meats, eggs and dairy products are being developed on par with animal products in terms of taste, texture and most importantly price and accessibility. Logistics are much better. And studies are repeatedly showing promising growth in the space. The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.