Lulu's Fashion Lounge Holdings, which operates an online store for women's apparel and accessories, announced terms for its IPO on Monday.
The Chico, CA-based company plans to raise $101 million by offering 5.8 million shares at a price range of $16 to $19. At the midpoint of the proposed range, Lulu's Fashion Lounge Holdings would command a fully diluted market value of $654 million.
Lulus states that it is a customer-driven, digitally-native fashion brand primarily serving Millennial and Gen Z women. The company engages consumers across the web, on social media and across its platform, through reviews, feedback, and one-on-one interactions with its Style Advisors, Fit Experts, and Bridal Concierge. As of October 3, 2021, Lulus had more than 7.5 million followers, up from 5.5 million followers as of September 27, 2020, across its social media platforms. During the twelve months ended October 3, 2021, the company served 2.5 million Active Customers.
Lulu's Fashion Lounge Holdings was founded in 1996 and booked $282 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol LVLU. Goldman Sachs, BofA Securities, Jefferies, Baird, Cowen, KeyBanc Capital Markets, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of November 8, 2021.
