THE WHAT? Olaplex Holdings has filed an IPO at the U.S. Securities and Exchange Commission, making it the second company backed by private equity firm Advent International to do so within hours.
THE DETAILS The company has listed the size of the offering at $100 million, with a placeholder to change once terms of the share sale are set, according to Bloomberg.
Olaplex is being valued at $1.5 billion, with the shares being sold by current investors. According to the filing Advent will continue to control the company following the listing.
Goldman Sachs, JPMorgan Chase & Co, Morgan Stanley and Barclays are leading the offering.
THE WHY? Looking to further brand development, Olaplex is set to enter new categories outside of hair care. The company also reported plans to raise further capital in the future.
Taking to the filing, the company said, “We are also developing other potentially patentable technologies to support extension into non-hair care beauty and wellness categories that provide us with long-term growth opportunities.”