Canada Markets closed
  • S&P/TSX

    20,928.10
    +108.16 (+0.52%)
     
  • S&P 500

    4,471.37
    +33.11 (+0.75%)
     
  • DOW

    35,294.76
    +382.20 (+1.09%)
     
  • CAD/USD

    0.8086
    +0.0001 (+0.0065%)
     
  • BTC-CAD

    75,666.48
    -822.40 (-1.08%)
     
  • CMC Crypto 200

    1,464.06
    +57.32 (+4.07%)
     
  • GOLD FUTURES

    1,768.10
    -29.80 (-1.66%)
     
  • RUSSELL 2000

    2,265.65
    -8.52 (-0.37%)
     
  • 10-Yr Bond

    1.5760
    +0.0570 (+3.75%)
     
  • NASDAQ

    14,897.34
    +73.91 (+0.50%)
     
  • VOLATILITY

    16.30
    -0.56 (-3.32%)
     
  • FTSE

    7,234.03
    +26.32 (+0.37%)
     
  • NIKKEI 225

    29,068.63
    +517.70 (+1.81%)
     
  • CAD/EUR

    0.6966
    -0.0001 (-0.01%)
     

UPDATE 1-Advent-owned Olaplex raises IPO price range, now aims for $12.3 bln valuation

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Adds details from filing, background on company)

Sept 28 (Reuters) - 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 $12.3 billion, a regulatory filing https://www.sec.gov/Archives/edgar/data/1868726/000119312521284791/d164089ds1a.htm showed on Tuesday.

The Santa Barbara, California-based company now plans to sell 67 million shares priced at between $17 and $19 each in its IPO. It had targeted a price range of $14 and $16 per share earlier.

Olaplex products are popularly used for treating damaged hair. It offers shampoos, conditioners, treatments and oils priced at around $28 each.

The company was bought by Advent in 2019 and investment funds associated with it will own about 79.6% of the combined voting power in the company after the offering.

Its net sales grew 90% year-over-year in 2020, the filing showed, while adjusted net income rose to $131.1 million over the same period from $100.5 million a year earlier, the filing showed.

Founded in 2014, Olaplex had accused L'Oreal USA Inc of stealing its trade secrets and infringing on patents related to its hair-bleaching technology.

However, it lost the legal battle after the U.S. Court of Appeals for the Federal Circuit tossed a Delaware court ruling https://www.reuters.com/business/legal/loreal-wins-fed-cir-reversal-66-million-hair-bleach-ip-loss-2021-05-07 in May, citing a failure by Olaplex to show its information was eligible for trade-secret protection.

Olaplex expects to list its shares on the Nasdaq under the symbol "OLPX." Goldman Sachs & Co, J.P. Morgan, Morgan Stanley and Barclays are the lead underwriters for the IPO.

(Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren Daniel)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting