Latest news:

You are currently not logged in

Log in
E-commerce

Adore Beauty looks to raise $269.5 million in IPO

Adore Beauty has today launched a prospectus with the Australian Securities and Investments Commission to list on the Australian Stock Exchange, and is looking to raise $269.5 million through an IPO.

The offer values the company at $614.8 million, and will be based on an offer price of $6.75 per share and feature the ASX code ABY. The retail offer is expected to open on the 14 October, close on the 21st and trading of the shares will commence on the 23rd.

The IPO marks the first time an offering of this size will be brought to the ASX by a female founder, Kate Morris, and a female CEO, Tennealle O’Shannessy.

“My co-founder James Height and I created Adore Beauty in a garage in Melbourne with a clear purpose – to create an empowering beauty shopping experience that would make our customers feel confident and fabulous,” said Morris.

“We are a proudly values-led company embodied by 183 talented and passionate employees who have contributed to our success through their passion, hard work and tenacity.

“As we have done for our first 20 years, we are focused on sustainable growth and building a high-quality business over the long term. We believe that by staying true to our customers. brands. values and vision, we can weather the challenges and take advantage of our opportunities as Adore Beauty embarks on its next phase of growth as an ASX-listed company.”

On completion of the offer it’s expected existing shareholders, including Quadrant Growth Fund, will hold 57.5 per cent of total shares on issue.

“The IPO provides the company with a great opportunity to strengthen its competitive advantage by continuing to improve upon its core capabilities and continue to grow the business,” said Adore Beauty chair Justin Ryan.

“I am excited about the future prospects of Adore Beauty and am pleased to have the opportunity to welcome new investors to share in this exciting journey.”

No Comments | Be the first to comment
+-

Comment Manually

No comments

Privacy Preference Center