Elevai Labs, which makes physician-dispensed skincare products, filed on Friday with the SEC to raise up to $8 million in an initial public offering.
The Newport Beach, CA-based company plans to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Elevai Labs would command a market value of $87 million.
Elevai Labs is a physician-dispensed skincare company, which refers to a sales channel where cosmetics products are exclusively sold in physician clinics or medically directed businesses by licensed medical professionals or that have a medical professional on staff, such as medical spas. Using patent-pending stem cell processing technology, the company has integrated the use of stem cell exosomes into its initial product line, which consists of two post-skincare procedure care products that target the face and neck, and upper chest regions.
Elevai Labs was founded in 2020 and booked $1 million in sales for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol ELAB. Univest Securities is the sole bookrunner on the deal.
