California-based hair-care products company Olaplex Holdings filed its IPO paperwork with the SEC last week, making it the second consumer brand backed by private equity firm Advent International to do so within hours of each other.
While Olaplex listed the size of the offering at $100m, this is just a placeholder number that is likely to change once terms of the listing are set. Advent International is hoping the eventual valuation will be closer to $1.5b and will continue to control the company after the listing.
The IPO is being led by Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), and Barclays. Olaplex’s shares will eventually be traded on the Nasdaq under the ticker symbol OLPX.
why it matters
Olaplex was founded in 2014 and is known for its shampoo and conditioner products. Sales of these products have risen sharply this year, helping the brand to finally turn a profit.