Advent-Owned Haircare Firm Olaplex Valued at $13.6 Billion in Upsized IPO

Hair merchandise maker Olaplex Holdings Inc fetched a valuation of greater than $13.6 billion in an upsized preliminary public providing after pricing shares at $21 apiece, the Advent International-owned firm mentioned on Thursday.The Santa Barbara, California-based firm mentioned it provided 73.7 million shares, elevating about $1.55 billion. It had earlier deliberate to promote 67 million shares in the worth vary between $17 and $19 every.Olaplex’s providing comes as Americans, over the previous yr, spent extra on pores and skin and hair care merchandise in comparison with make-up and cosmetics as a result of Covid-19 pandemic and its related lockdowns.The firm sells shampoos, conditioners, remedies and oils aimed at treating broken hair, with costs working as much as as a lot as $196 for a bundle.Its internet gross sales grew 90 p.c year-over-year in 2020, a latest regulatory submitting confirmed, whereas adjusted internet earnings rose to $131.1 million over the identical interval from $100.5 million a yr earlier.Founded in 2014 in a California storage, Olaplex sells its merchandise in greater than 100 international locations, with magnificence chain Sephora and SalonCentric and Sally Beauty Holding Inc’s Beauty Systems Group amongst its largest prospects.Advent, which purchased Olaplex in 2019, owns about 79.6 p.c of the mixed voting energy in the corporate after the providing by way of related funding funds.Olaplex shares are anticipated to start buying and selling on the Nasdaq afterward Thursday beneath the image “OLPX”, and the providing is anticipated to shut on Oct. 4.Goldman Sachs & Co, J.P. Morgan, Morgan Stanley and Barclays have been the lead underwriters for the IPO.Reporting by Aakriti Bhalla and Sohini Podder in Bengaluru; Additonal reporting by Praveen Paramasivam; Editing by Rashmi Aich and Ramakrishnan M.Learn extra:Olaplex Files for IPOThe Santa Barbara, California-based magnificence model plans to listing its shares on Nasdaq beneath the image OLPX.

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