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

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(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)

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