Revolve sets terms for $200m IPO
today May 29, 2019
Revolve Group on Tuesday announced the terms for its upcoming initial public offering, with the online fashion retailer offering 11.8 million shares priced between $16 to $18 each.
According to a regulatory filing, the Cerritos, California-based company is selling 2.9 million shares of its class A common stock, while selling shareholders are offering 8.8 million or some 75% of total shares, for an IPO valuation of around $200 million.
The company will not receive proceeds from the sale by shareholder, added the influencer-driven-retailer. The company is also planning to list on the New York Stock Exchange, under the ticker symbol "RVLV."
Morgan Stanley, Credit Suisse and BofA Merrill Lynch are the lead underwriters on the deal.
Founded by Michael Karanikolas and Michael Mente in 2003, Revolve Group currently operates online platforms, Revolve.com and Fwrd.com. The company also owns a portfolio of 19 brands through Alliance Apparel, which it acquired in 2014.
In 2018, Revolve reported $498.7 million in net sales and $30.6 million in net income, representing growth of 24.8% and 512.8% respectively, from 2017.
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