 Bloomberg Opinion -- The IPO market just got a shot of caffeine from JDE Peets BV. Dont expect other consumer listings to get such a rush.The owner of Peets Coffee, Douwe Egberts, Kenco and Tassimo on Friday priced shares in its initial public offering at 31.50 euros, in the upper half of the offering range, valuing the company at 15.6 billion euros 17.3 billion, and rose to about 35.50 in mid-morning trading.The biggest European IPO this year, pulled off in a swift 10 days, is a remarkable feat for a consumer business in the midst of a pandemic and a looming global recession. But JDE Peets has been uncannily well-placed to capitalize on changing consumer habits during lockdown, the prospects for reopening and a resurgence in equity markets. The Dutch company was floated by JAB Holding Co., the investment fund backed by Germanys billionaire Reimann family. Cornerstone investors, including funds run by George Soross firm, had agreed to take up a third of the offering, setting the tone.In a world crowded with coffee chains, JDE Peets gets 80 of its sales from coffee that is drunk at home. That meant it benefited as corner cafes shuttered and people working from home were forced to become their own baristas. Now that they can start going out again, its ready to serve them their favorite hot beverage too at the Peets Coffee chain. And just as Nestle SA benefited from people looking to stock up on the Starbucks-branded coffee it sells in supermarkets, so JDE Peets may gain new customers at its cafes if they discovered its products in the grocery store during lockdown. As consumers navigate post-lockdown life, JDE Peets looks well insulated. That may explain why the valuation, as of mid-morning trading, is approaching that of Starbucks Corp. on a calendar 2019 enterprise-value-to-Ebitda basis. With consumers likely pulling in their purse strings, homemade coffee may be more popular than pricey takeaway lattes. Yet the valuation may also reflect optimism about reopening, and expectations that people will be eager to get out and about. Early indications from U.S. retailers, such as discount-chain owner TJX Cos Inc. and even department store Macys Inc., are that sales have been stronger than expected since Americans were able to shop in person once again.And lets not forget about the IPO timing with stock markets gaining from their lows in March. That may be one reason why Peets was so keen on an accelerated book build: to avoid any sudden market turbulence.The fortunate confluence of factors may not come together for other consumer-facing groups looking to float or spin off a division. L Brands Inc.s desire to eventually separate its Victorias Secret lingerie chain comes to mind. It was grappling with a tired image and too many stores even before the Covid-19 outbreak.As for Peets, the successful float leaves it with firepower for further acquisitions. It plans to use the proceeds to cut debt it aims to reduce the leverage ratio from 3.6 times to below 3 times by the end of the first half of 2021 but it gets an acquisition currency in the form of equity.Competition for coffee assets has been intense. There was a flurry of deals two years ago with JABs 2 billion purchase of Pret A Manger, which sells coffee as well as food to go; Coca-Cola Co.s 5.1 billion swoop on Costa Coffee; and Nestles 7 billion deal for the rights to sell Starbucks coffee in supermarkets.But JDE Peets could get lucky here, too, particularly in the market for drinking coffee outside the home. With the lockdown-induced distress in malls and on main streets, it may be able to grab something to go for a better price.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.comopinionSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P. 