Suja Life priced an initial public offering of 8.9 million class A shares at $21 per share, the company said Thursday.

The underwriters were granted a 30-day option to purchase up to an additional 1.3 million shares.

Net proceeds, estimated to be about $173.6 million, will be used primarily to repay about $141.3 million of outstanding borrowings of Suja Life Holdings LP under a credit agreement, the organic beverage maker said.

Shares are expected to debut on the Nasdaq Global Market on Thursday under the SUJA ticker.

Closing of the offering is expected to occur on Friday, subject to customary closing conditions.