Vita Coco upsizes secondary offering to 5 million shares from 4.5 million, prices at a discount of $23 each

The Vita Coco Co. Inc.’s
COCO,
-2.63%
stock fell 2% in premarket trade Wednesday, after the maker of coconut water upsized and priced a secondary offering by shareholder Verlinvest Beverages SA. The shareholder sold 5 million shares priced at $23 each, up from original plans to offer 4.5 million shares. The stock closed Tuesday at $24.56. BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, Jefferies and Morgan Stanley were lead book-running managers on the deal, with Piper Sandler and William Blair acting as joint book-running managers. The stock has gained 78% in the year to date, while the S&P 500
SPX,
-0.82%
has gained 8%.