Home-soda company's shares will be traded under the ticker “SODA.”
By SHIRI HABIB-VALDHORN
Home-soda company Sodastream International Ltd. (formerly Soda Club) has filed a registration statement with the US Securities and Exchange Commission (SEC) for an IPO on Nasdaq. Its shares will be traded under the ticker “SODA.”Airport City-based SodaStream manufactures home-beverage carbonation systems that enable consumers to easily transform ordinary tap water into carbonated soft drinks and sparkling water.The company is controlled by Fortissimo Capital.Sodastream plans to hold the IPO at a company value of $336 million, based on the mid-point of the offering price. The company plans to offer shares at $18-$20 per share, raising a gross $85m.-$95m., which could rise to $108m. if the underwriters exercise their overallotment options.The company has $5.7m. in cash. It plans to use $33m. of the proceeds to cover debts to financial institutions and $34m.to build a factory.Fortissimo Capital, which acquired its stake in SodaStream in 2007, will make $2.4m. for terminating its management services for the company.SodaStream may also use part of the proceeds from the offering to acquire or invest in companies, products and technologies, although it stated in the prospectus that no such possibilities were presently on the agenda.