H2O IPO… Liquid Death could bring its viral canned water to Wall Street. The six-year-old sparkling-water wiz is popular for its irreverent marketing, gothy aluminum cans, and "Murder Your Thirst” tagline. Its success has attracted investors from Swedish House Mafia to Live Nation. Now The Information has reported that Liquid Death has hired Goldman Sachs for an IPO listing as soon as next spring.
Refreshing: LD said its sales nearly tripled to $130M between 2021 and 2022. This year it expects to double that (FYI: it’s still not profitable).
Liquid likes: Its cheeky promos have turned into a cult fave online, with its pages racking up millions of followers on Instagram and TikTok.
Putting the cool in carbonated water… Booze-free bevvies have sparkled as more Americans shift to a sober-curious lifestyle. Gen Z is driving the trend, drinking about 20% less alcohol than millennials did at their age. But while OG canned-water brands like La Croix and Pepsi's Bubly have seen growth taper, Liquid Death has grown thanks to its presence at festivals, bars, and concert venues. Meanwhile, over a quarter of folks in the US say they’re trying to drink less this year.
The IPO drought seems to be easing… After more than a year of sluggishness in the IPO market, Liquid Death could join the wave of businesses returning to Wall Street. This week, fast-growing beauty tech biz Oddity filed for a $315M initial public offering, and shares of Chipotle rival Cava more than doubled on its market debut last month. With investors hoping that the Fed will halt rate hikes this year, IPO jitters could ease.