McGuireWoods Advises Underwriter Stifel Nicolaus in Karat Packaging’s $63 Million IPO

April 22, 2021

McGuireWoods advised Stifel, Nicolaus & Company, as representative of several underwriters, in a $63 million initial public offering of common stock by Karat Packaging Inc. The transaction closed on April 19, 2021.

Stifel, Nicolaus & Company is a full-service retail and institutional wealth management and investment banking firm. William Blair, Truist Securities, National Securities Corporation and D.A. Davidson & Co. comprised the rest of the underwriting syndicate.

Karat Packaging is a rapidly growing distributor and manufacturer of environmentally friendly disposable food-service products. Its customers include national and regional distributors, restaurant chains, retail establishments and online customers, including Applebee’s Neighborhood Grill + Bar, Chili’s Grill & Bar, Chipotle Mexican Grill, Corner Bakery Café and TGI Fridays.

New York partner Stephen Older, Charlotte partner Rakesh Gopalan and counsel David Wolpa led the deal team, which included Richmond partner Anitra Cassas and associate Eryn Berquist. All are members of the firm’s Securities & Capital Markets Department.

“We have been working on a number of issuer and underwriter-side securities offerings in 2021. This deal demonstrates our deep experience in underwriter-side securities offerings, including IPOs,” Older said. “The transaction was the result of outstanding cross-practice teamwork by lawyers in multiple offices, demonstrating the capabilities McGuireWoods deploys for clients in complex corporate transactions.”

McGuireWoods consistently ranks among the leading law firms for advising corporate issuers and underwriters in U.S. capital markets transactions and has earned global recognition for its work representing clients in corporate and securities matters.