6 891
Fashion Jobs
Sep 23, 2021
Download the article
Click here to print
Text size
aA+ aA-

A.K.A. Brands stock disappoints in Wall Street debut

Sep 23, 2021

A.K.A. Brands Holding Corp., a San Francisco-based company specialized in digital-native fashion brands targeting millennial and Gen-Z consumers, made its initial public offering on Wednesday, opening below the initial public offering price. 

A.K.A. Brands stock disappoints in Wall Street debut. - Facebook: Princess Polly

After cutting its IPO’s size and expected price range on Tuesday just ahead of its expected offering, it raised some $110 million by selling 10 million shares at $11 each, at the low end of the recently lower expected range. That was down from the 13.9 million it had originally planned to sell, according to a revised S-1 filing with the U.S. Securities and Exchange Commission.

Shares of A.K.A. fell 4.2 percent to $10.54 once they started trading. That leaves A.K.A. with a market capitalization of $1.3 billion. 

The company, which owns the Princess Polly, Culture Kings, Petal & Pup and Rebdolls brands, was founded in 2018 and has since been working to acquire digital fashion brands with strong growth potential, a solid track record and the capacity to expand into new markets.

A.K.A. first announced plans to launch an IPO in August, following net income of $14.8 million on revenue of $215.9 million in 2020. The company joins the likes of Warby Parker, Poshmark, ThredUp,and more who have all filed for an IPO since the start of the year. 

Copyright © 2022 FashionNetwork.com All rights reserved.