Torrid Holdings, a plus-size women's fashion retailer spun out of Hot Topic, raised $231 million by offering 11 million shares (100% secondary) at $21, the high end of the range of $18 to $21. The selling shareholders sold 1 million more shares than anticipated, after increasing the offering from 8 million shares on Wednesday.
Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The company offers a broad assortment of products including tops, denim, dresses, intimates, activewear, footwear, and accessories. Torrid markets directly to consumers via its physical footprint of 608 stores and its e-commerce platform, which represented a majority of net sales in the 12 months ended May 1, 2021.
Torrid Holdings plans to list on the NYSE under the symbol CURV. Morgan Stanley, BofA Securities, Goldman Sachs, Jefferies, Baird, Cowen, and William Blair acted as joint bookrunners on the deal.
