Overview
- The company and selling holders sold 10,997,209 shares at $18, valuing the business near $724 million, and the stock opened at $21 before rising about 20% intraday.
- Net proceeds are earmarked to repay credit-facility borrowings, purchase equipment, make specified offering‑conditioned payments, and fund general corporate purposes.
- SEC filings show a net loss of about $39.8 million on $176.7 million in revenue for the nine months ended Sept. 30, 2025, reflecting growth that is not yet profitable.
- The prospectus flags sourcing risks, warning that potential trade barriers in Mexico and South America could trigger ingredient shortages and higher costs.
- The NYSE listing under ticker OFRM was led by Goldman Sachs and J.P. Morgan and comes during a broader early‑2026 rebound in U.S. IPO activity.