Olaplex files for IPO, plans category expansion
Beauty company Olaplex Holdings announced that it has publicly filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering.
According to documents filed with securities regulators, Olaplex is preparing to debut on the Nasdaq Global Select Market under the ticker symbol “OLPX.”
The SEC filing revealed the brand’s financials including that for the first six months of 2021, net sales have totalled $270.2 million. Meanwhile, the company reported net sales of $282.3 million in 2020, a 90 percent year-on-year increase, and EBITDA growing 98% over the period to reach $199.3 million.
Next, Olaplex plans to expand into new categories including into non-hair care beauty and wellness categories. All the while the hair category is expected to continue to grow at a compound annual rate of 6 percent through 2025.
Founded in 2014 by Dean and Darcy Christal, Olaplex was acquired by Advent International in 2019. Earlier this month, a newly formed company by Advent equally purchased BareMinerals, Buxom, and Laura Mercier from Japanese cosmetics firm Shiseido.
The company's market debut comes as many consumer-facing brands head for IPOs and increased investor interest in sustainable companies.
Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley and Barclays are acting as joint lead book-running managers for the proposed offering.
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