Davidstea registers $75 million of stock for initial public offering

Goldman Sachs and JPMorgan are bookrunners

By Devika Patel

Knoxville, Tenn., April 2– Davidstea Inc. will price its initial public sale of common stock with a 30-day greenshoe, according to a Form S-1 filed Thursday with the Securities and Exchange Commission. The company has registered up to $75 million of stock.

Goldman Sachs & Co. and J.P. Morgan Securities LLC are the bookrunning managers. BofA Merrill Lynch is the lead manager, and BMO Capital Markets and William Blair are the co-managers.

Proceeds will be used to repay the company’s term loan with Rainy Day Investments Ltd. and for working capital and general corporate purposes.

The Mount-Royal, Quebec, beverage company sells tea and tea products. The company intends to list its common stock on the Nasdaq stock exchange under the symbol “DTEA.”

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