Olaplex (OLPX) Prices Upsized IPO at $21, Above Expected Range

Olaplex Holdings, Inc. (NASDAQ: OLPX) announced the pricing of its initial public offering of 73,700,000 shares of its common stock at a price to the public of $21.00 per share, above the expected $17-$19 range which was raised from $14-$16. The size was raised from 67,000,000 shares. All 73,700,000 shares of common stock are being offered by certain of OLAPLEX’s existing stockholders. OLAPLEX will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Selling Stockholders have granted the underwriters a 30-day option to purchase up to 11,055,000 additional shares of common stock from the Selling Stockholders at the initial public offering price, less underwriting discounts and commissions.

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

Olaplex was acquired by Advent International in 2019. The filing shows Advent would control 79.6% of the combined voting power of our common stock, or 78.2% if underwriters exercise their options in full. Prior to the offering, Advent owns 89.3% of shares, followed by 6.8% owned by Mousse Partners. Emily White, the President of Anthos Capital, owns 3.6% of shares.

Olaplex reported revenue of $270.2 million for the six months ended June 30, 2021, marking an increase of 171% compared to a year-ago period. For the same period, Olaplex recorded net income of $94.9 million, compared to a net loss of $22.4 million reported for the first half of the year. EBITDA margins stood at 71% at the end of June.

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