The IPO provides a liquidity event and deleveraging catalyst, but the Up-C structure and Tax Receivable Agreement create ongoing cash obligations that will reduce free cash flow. Monitor Q1 2026 earnings for confirmation of the preliminary profitability inflection, and watch for any insider selling after the 180-day lockup expires. The dual-class structure and PSP control limit minority shareholder influence.
Executive Summary
Suja Life, Inc. completed its IPO of 8,888,889 shares of Class A common stock at $21.00 per share, raising approximately $173.6 million in net proceeds. The company operates a vertically integrated cold-pressed juice and wellness shot platform with strong revenue growth (26% YoY to $326.6M in fiscal 2025) but remains unprofitable on a GAAP basis, with net losses widening to $23.3M. The offering uses an Up-C structure with a Tax Receivable Agreement that creates substantial future cash payment obligations to existing owners, and PSP will control ~60.4% of voting power post-IPO.
Key Financial Metrics
Key Facts
- IPO of 8,888,889 shares priced at $21.00 per share, raising ~$173.6M in net proceeds
- Net sales grew 26.1% YoY to $326.6M in fiscal 2025; net loss widened to $23.3M from $20.8M
- Pro forma net loss per share of $(0.92) for fiscal 2025
- Net proceeds used to repay $141.3M of debt under the Credit Agreement
- PSP will control ~60.4% of voting power post-IPO; company will be a 'controlled company'
- Up-C structure with Tax Receivable Agreement creating substantial future cash obligations to existing owners
- Preliminary Q1 2026 net sales estimated at $103.8M-$107.1M (up ~20.7% YoY); net income estimated at $6.2M-$7.4M vs $(0.8M) loss in prior year
- Underwriters: Goldman Sachs, Jefferies, William Blair, BofA Securities, Evercore ISI
- Underwriters have 30-day option to purchase up to an additional 1,333,333 shares
Financial Impact
IPO raised ~$173.6M net; $141.3M used to repay debt; pro forma net loss of $(34.5M) for fiscal 2025; new investors face immediate dilution of $23.58 per share
Risk Factors
- Tax Receivable Agreement creates substantial future cash payment obligations to existing owners, reducing cash available for reinvestment
- PSP controls ~60.4% of voting power, limiting minority shareholder influence
- Company remains unprofitable on a GAAP basis despite strong revenue growth
- Immediate and substantial dilution of $23.58 per share for IPO investors
- Emerging Brands segment (Slice) generated $(25.8M) Adjusted EBITDA loss in fiscal 2025
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001104659-26-057504 |
| Document: 0001104659-26-057504-index-headers.html | 0001104659-26-057504 |
| Document: 0001104659-26-057504-index.html | 0001104659-26-057504 |
| Document: 0001104659-26-057504.txt | 0001104659-26-057504 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 3 | $9.65 $9.71 | ▲ +0.62% | ▲ +1.80% | $9.75 (+1.04%) |
Oct 20, 2026 6d ago | 3 | $9.65 $9.71 | ▲ +0.62% | ▲ +1.80% | $9.75 (+1.04%) |
Oct 20, 2026 6d ago | 8-K | $10.31 $9.65 | ▼ −6.40% | ▼ −6.93% | $9.75 (−5.43%) |
Oct 19, 2026 7d ago | Press Release | $10.31 $9.65 | ▼ −6.40% | ▼ −6.93% | $9.75 (−5.43%) |
Oct 9, 2026 17d ago | SC 13G/A | $10.73 $11.49 | ▲ +7.08% | ▲ +7.09% | $9.75 (−9.13%) |
Sep 8, 2026 6w ago | Insider Buy | $9.26 $9.18 | ▼ −0.86% | ▼ −0.26% | $9.75 (+5.29%) |
Sep 2, 2026 7w ago | Insider Buy | $10.19 $10.51 | ▲ +3.14% | ▲ +3.53% | $9.75 (−4.32%) |
Aug 28, 2026 8w ago | Insider Buy | $10.07 $10.43 | ▲ +3.58% | ▲ +4.26% | $9.75 (−3.18%) |
Aug 25, 2026 8w ago | Insider Buy | $9.44 $9.00 | ▼ −4.66% | ▼ −5.32% | $9.75 (+3.28%) |
Aug 20, 2026 9w ago | Insider Buy | $7.68 $9.05 | ▲ +17.84% | ▲ +18.13% | $9.75 (+26.95%) |
US Market Status
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