We're no longer trading sad monkey jpegs for millions of dollars, but all the same: The Vita Coco Company, which puts coconut water in cartons and sells it for three to four times more than a traditional soda, has seen its valuation approach $1.6 billion.

Neither PepsiCo nor Coca-Cola have really succeeded in breaking into the coconut water business. The former is struggling to get its O.N.E. brand off the ground, while the latter got rid of Zico, which was eventually sold to a private equity fund.

But Vita Coco seems to have found the formula that works. Its brand continues to gain market share, while recording impressive sales growth: $237 million in sales in 2019, for $428 million three years later, notwithstanding a big dip in the fourth half of 2022.

As a result of this craze for overpriced coconut water, the share price has doubled in recent months. Introduced at x1.5 sales and x15 EBITDA, the company is now trading at twice these levels.

In the midst of the pandemic, the funds raised via the IPO will have been used to buy back the shares of the historical shareholders - two private equity funds on the exit. Most of the company's executives are also selling their shares or options.