European Wax Center, a franchised chain of hair removal salons, raised $180 million by offering 10.6 million shares (15% secondary) at $17, within the range of $15 to $18.
European Wax Center states that it is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the US by number of centers and system-wide sales. The company delivered over 21 million waxing services in 2019 and over 13 million waxing services in 2020 across its network. As of March 27, 2021, the company had centers in 808 locations (803 of which are franchised) across 44 states.
European Wax Center plans to list on the Nasdaq under the symbol EWCZ. Morgan Stanley, BofA Securities, Jefferies, Citi, Guggenheim Securities, Truist Securities, and Baird acted as joint bookrunners on the deal.
