**Cold-Pressed Meets Cold Market**

Suja Life just hit the public markets, and the landing was a little bumpy.

The organic beverages player raised nearly $200 million in its IPO, selling 8.9 million shares at $21, the low end of its $21 to $24 range. The stock opened at $18 and fell 14.3% in its Nasdaq debut, valuing the company at $695.3 million. Not exactly a pop. More like a reality check.

Suja Life, the company behind Suja Organic, Vive Organic and Slice Soda, says it will use the $186.7 million in proceeds to expand production and potentially pursue an acquisition. That signals ambition. Cold-pressed juices, wellness shots and functional sodas are still hot categories in the United States.

The ownership history reads like a CPG time capsule. In 2015, Suja sold minority stakes to Goldman Sachs’ merchant banking arm and Coca-Cola, with an option for Coke to buy the company after three years. In 2021, Paine Schwartz Partners acquired it from Goldman Sachs Asset Management and co-investors. Now it is back on the market, this time with public investors along for the ride.

Why it matters. Better-for-you beverages can get you to Nasdaq. They cannot guarantee applause. Investors want growth, but they also want proof. If Suja uses that $200 million to scale smartly or snap up the right asset, the muted debut could look like a footnote. If not, functional soda may find the public markets less forgiving than the juice aisle.