Advent-owned Olaplex raises IPO price range, now aims for $12.3bn valuation

Sep 28, 2021 | News

Hair products maker Olaplex Holdings Inc, owned by private equity firm Advent International, increased the price range for its U.S. initial public offering and is now seeking a valuation of up to $12.3bn, a regulatory filing showed on Tuesday.

The Santa Barbara, CA-based company now plans to raise $1.2 billion by offering 67 million shares (100% secondary) at a price range of $17 to $19. The company had previously filed to offer the same number of shares at a range of $14 to $16. At the midpoint of the revised range, Olaplex Holdings will raise 20% more in proceeds than previously anticipated.

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Olaplex offers treatment, maintenance, and protection hair care products which it claims can repair disulfide bonds in human hair that are destroyed via chemical, thermal, mechanical, environmental, or aging processes. The company offers nine products, all centered around its patent-protected Bis-amino ingredient. The company sells its products to professionals, including two products available only to professional hairstylists, as well as to specialty retail, and direct-to-consumer.

Olaplex Holdings was founded in 2014 and booked $453 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol OLPX. Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, BofA Securities, Evercore ISI, Jefferies, and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of September 27, 2021.

Source: Renaissance Capital

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