One of the leading sustainable consumer products companies, Grove Collaborative, is going public today. The company is a Certified B Corp, sells everything from bamboo toilet paper to compostable wet wipes, and is on a mission to turn an industry that is currently plastic-reliant into a more eco-friendly one. Today’s listing comes with the help of Virgin Group. Here’s what you need to know:
- What is Grove Collaborative? Grove Collaborative is a Certified B Corp that was founded in 2016. Its aim is to transform the consumer products industry from one that generates a lot of harmful waste to an eco-conscious one. Grove Collaborative is one of Fast Company’s Most Innovative Companies for 2022 thanks to its groundbreaking eco-friendly products such as all-natural pest sprays, a plastic-free body and hair-care line, and laundry detergent that takes the form of dissolvable sheets. Its products can currently be found in 1,900 Target stores nationwide.
- How is Grove Collaborative going public? Grove Collaborative isn’t going public via a traditional IPO. Instead, it will debut via an SPAC, or special purpose acquisition company. With a SPAC, an existing shell company that is already public merges with another private company, thus taking it public. Grove is the private company and Virgin Group Acquisition Corp. II is the already-pubic shell company. If its name rings a bell, it’s because Virgin Group Acquisition Corp. II is sponsored by Richard Branson’s Virgin Group.
- What market will Grove Collaborative trade on? Grove will trade on the New York Stock Exchange (NYSE). Trading is expected to begin today, June 17, 2022.
- What will Grove Collaborative’s stock ticker be? Grove Collaborative will trade under the symbol “GROV.”
- Anything else I should know about Grove Collaborative? The company has previously pledged to be totally plastic-free by 2025. “Our path to profitability is clear and we will continue to advance our mission to transform consumer products into a positive force for human and environmental health,” Grove CEO Stuart Landesberg said via press release today. “We expect the inevitable transition away from single use plastic will only accelerate as consumers increasingly demand more sustainable options, and Grove is leading the charge.”