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Peet's cuts IPO range
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January 23, 2001: 6:38 p.m. ET
Coffee firm cuts price range to $8-$12 from $10-$14, pricing later in week
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NEW YORK (CNNfn) - Peet's Coffee & Tea Inc., one of the year's first IPOs, shaved the price range of its offering by nearly 20 percent Tuesday.
Peet's Coffee & Tea was slated to be one of the hot IPOs this month but may have cooled off. The Emeryville, Calif.-based company now expects to raise $33 million, down from the slated $39.6 million filed in December.
Peet's now plans to price 3.3 million shares at $8 to $12 each, down from $10 to $14, via lead underwriters WR Hambrecht & Co. The coffee roaster plans to trade later this week under the Nasdaq symbol "PEET."
The 34-year-old Peet's has developed a strong following along the West Coast, especially in the San Francisco Bay area. The company is targeting the specialty coffee market, competing against such established names as Starbucks Corp. (SBUX: Research, Estimates). Peet's sells coffee in four states and derives much of its revenue from the sale of whole-bean coffee. For the nine months ended Oct. 1, Peet's lost $2.7 million on revenue of $59.4 million. 
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