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WIKI ANALYSIS
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Primo Water (NASDAQ:PRMW) makes and sells three- and five-gallon purified water containers and dispensers. These products are sold through major retailers across the United States. The company's business model encourages individuals to purchase the water dispenser and then to continually purchase refills for the water. Empty bottles can be exchanged at refilling centers for a voucher which gives a coupon to purchase another bottle. These empty bottles can be sanitized and reused up to 40 times. The company has approximately 7,200 exchange locations and 5,500 water dispenser locations.[1]
The company has entered into an agreement to purchase Culligan Store Sollutions LLC and Culligan of Canada. The company has a number of assets in reverse osmosis water filtration systems. In addition the company sells empty reusable water bottles that can be used at refilling machines. The total purchase price will be $105M and will consist of $60M in cash and $45M in common stock.[2]
The company's initial public offering of stock on the NASDAQ occurred on November 4, 2010. The company offered 8.3M shares each for $12. This was within the initial price range of $11-$13. The IPO raised a total of $100M. The lead underwriters of the deal were Nicolaus Weisel and BB&T Capital Markets.[3]
The company's total revenue has increased over the past 3 years. Its 2009 net revenue figure was $47M, which was a 34% increase over its 2008 figure of $35M. Despite this rise in revenue, the company has continued to generate a net loss. In 2009, the company reported -$11.8M. This was a decrease in the loss from its 2008 figure of -$19M.[4]
References
- ↑ PRMW S-1/A Oct 2010 Prospectus Summary "Our Business" pg 1
- ↑ PRMW S-1/A Oct 2010 Prospectus Summary "Culligan Refill Acquisition" pg 2
- ↑ Renaissance Capital - IPO Home "Primo Water Corporation prices IPO at $12, the midpoint of the range" 4 Nov 2010
- ↑ PRMW S-1/A Oct 2010 Prospectus Summary "SUMMARY HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL AND OTHER DATA" pg 13
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