Shares of Paine Schwartz-backed Suja Life fell 14.3% in their Nasdaq debut on Thursday, giving the organic juice maker a valuation of $695.3 million.

The company’s stock opened at $18, compared to its $21 offer price. It sold 8.9 million shares in its initial public offering at the low end of its marketed range of $21 to $24, raising $186.7 million.

The IPO market has reopened after a brief lull in March but investors remain selective in how they allocate capital.

The Oceanside, California-based company offers cold-pressed juices, wellness shots and functional sodas. It owns a portfolio of brands including Suja Organic, Viv Organic and Slice Soda, which are made with organic, non-GMO and plant-based ingredients.

Health-conscious consumers are increasingly trading sugary drinks for better-for-you alternatives, creating a more favorable backdrop for brands positioned around wellness.

Last year, PepsiCo signed a deal to buy prebiotic soda brand Poppy for $1.95 billion, marking the involvement of big players in the healthy drinks space.

After children’s food brand Once Upon A Farm went public in February, this year marks the first IPO in the organic and health-focused consumer space.

Consumer IPOs have generally shown signs of revival after a lull in 2025 following US President Donald Trump’s sweeping tariffs that dampened activity last year.

In 2015, Suja Life sold a minority stake to Goldman Sachs’ merchant banking division and Coca-Cola, with an option to buy Suja after three years.

In 2021, private equity firm Pain Schwartz Partners – focused on sustainable food chain investments – acquired Suja Life from Goldman Sachs Asset Management and co-investors.