(Bloomberg) -- Vita Coco Co., the maker of coconut beverages, priced its initial public offering below its targeted range at $15 share, according to a person with knowledge of the matter.

The New York-based company and its existing shareholders planned on Wednesday to sell 11.5 million shares for $18 to $21 each, the person said, asking not to be identified because the information wasn’t public yet. 

At $15, the IPO would raise $173 million, valuing the company at about $833 million, according to the number of outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

A representative for the company declined to comment.

Concurrent to the IPO, an affiliate of Keurig Dr Pepper Inc. has agreed to purchased $20 million of stocks from investment firm Verlinvest, an existing backer and selling shareholder in the offering, the prospectus shows. 

Keurig is a distributor of Vita Coco and RUNA Clear Energy, an energy drink owned by Vita. 

Early investors in Vita Coco included celebrities Madonna, Matthew McConaughey and Demi Moore.

Goldman Sachs Group Inc., Bank of America Corp., Credit Suisse Group AG and Evercore Inc. are leading the offering. Vita Coco’s shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol COCO.

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