Olaplex Holdings, which sells hair care products containing a patented repair ingredient, raised $1.5 billion by offering 73.7 million shares (100% secondary) at $21, above the upwardly revised range of $17 to $19. The selling shareholders sold 6.7 million more shares than anticipated. The company originally planned to offer 67 million shares (100% secondary) at $14 to $16, before raising the range on Tuesday.
Olaplex offers treatment, maintenance, and protection hair care products which it claims can repair disulfide bonds in human hair that are destroyed via chemical, thermal, mechanical, environmental, or aging processes. The company offers nine products, all centered around its patent-protected Bis-amino ingredient. The company sells its products to professionals, including two products available only to professional hairstylists, as well as to specialty retail, and direct-to-consumer.
Olaplex Holdings plans to list on the Nasdaq under the symbol OLPX. Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, BofA Securities, Evercore ISI, Jefferies, and Raymond James acted as joint bookrunners on the deal.
