The Vita Coco Co. Inc.’s COCO 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 has gained 8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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