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Olaplex IPO will raise around $1B, company says

By   /   Monday, September 20th, 2021  /   No Comments

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Olaplex, a hair care products company founded in Santa Barbara, expects to price its initial public offering of common stock between $14 and $16 per share, the company announced Sept. 20.

The company said it is offering 67 million shares, so at the midpoint of its anticipated price range, the shares would sell for around $1 billion. At the upper end of the range, and including an additional 10 million shares that the IPO underwriters will have an option to buy, the offering could raise as much as $1.23 billion. That would give Olaplex a market capitalization of as much as $10.4 billion.

Olaplex expects to list its shares on the Nasdaq under the symbol OLPX. It has not announced any potential dates for the IPO.

The IPO consists entirely of existing shareholders selling their shares, according to Olaplex’s filings with the U.S. Securities and Exchange Commission. 

Olaplex’s current majority owner, with 89.3% of the company, is the private equity firm Advent International. Advent bought the company from its founders in 2019 for an undisclosed price. It will still be a majority owner after the IPO, since it plans to sell only a little more than 10% of its share of Olaplex.

Dean and Darcy Christal founded Olaplex in Santa Barbara in 2014. The technology for the company’s hair care products was developed by UCSB chemistry professor Craig Hawker and his former graduate student, Eric Pressly.

The company is completely remote, and was before the pandemic, so it does not have a physical headquarters. Its official headquarters on SEC filings is an address on Coast Village Road in Montecito.

Goldman Sachs, J.P. Morgan, Morgan Stanley and Barclays are acting as joint lead book-running managers for the proposed offering, Olaplex said. B of A Securities, Evercore ISI, Jefferies and Raymond James are also acting as joint book-running managers. Cowen, Piper Sandler, Truist Securities, Telsey Advisory Group, Drexel Hamilton and Loop Capital Markets are acting as co-managers.

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