AMSTERDAM — Pure play coffee and tea group JDE Peet’s BV priced its initial public offering at €31.50 ($35.01) per share, valuing it at €15.6 billion ($17.3 billion) and making it one of the biggest IPO’s of the year so far.

The company, which has a portfolio of more than 50 brands, including Peet’s Coffee, Jacobs, L’Or, Senseo, Tassimo and Ti Ora, raised €2.25 billion ($2.5 billion) in the Amsterdam listing.

“We are thrilled to price this offer on Euronext Amsterdam during this extraordinary time,” said Casey Keller, chief executive officer of JDE Peet’s. “Seeing the investor interest in JDE Peet’s reinforces the belief in our strategy and solidifies our role as a global leader in coffee and tea.”

It sold approximately 71.4 million shares, or 14.4.% of the company, including 22 million newly issued shares for €700 million ($772.7 million).  Existing shareholders Acorn Holdings and Mondelez International, Inc. sold an additional 40 million and 9.6 million shares, respectively, for a combined €1.55 billion ($1.7 billion).

Acorn Holdings, the investment firm behind Panera, Krispy Kreme and Keurig Dr Pepper, will own 62% of JDE Peet’s after the listing. Mondelez’s stake in the coffee and tea company will be approximately 23%, and it will retain two seats on the company’s board.

“We congratulate the JDE Peet’s team on the strong investor response to the initial public offering,” said Dirk Van de Put, chairman and chief executive officer at Mondelez International. “We’re excited about the company’s great growth prospects and welcome the IPO as it brings flexibility and optionality, as well as establishes a public mark for the value of our stake. We continue to own a substantial position in the company and look forward to remaining engaged via our two board seats.”

JDE Peet’s sells coffee in the United States, Europe and Asia through cafes and grocery stores. Around 80% of the company’s revenue comes from coffee consumed at home, a market that has continued to grow during the COVID-19 pandemic.

Year-over-year revenue at the Amsterdam-based company was up 3% in the first quarter ended March 31 to €1.68 billion ($1.87 billion). The company currently has a 10% share of the at-home coffee market, according to Euromonitor, second only to Nestle, which has slightly less than a quarter of the market.

Areas of the focus for the company include driving household penetration in the United States and growth in emerging markets.