Bruush Oral Care, an online retailer of branded electric toothbrushes, raised $16 million by offering 3.7 million units at $4.16, below the range of $5.20 to $7.20. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. The company offered 1.3 million more units than anticipated (+51%), and the IPO raised about 1% more than expected.
Because the offering contained warrants and has a post-IPO market cap that is less than $50 million, Bruush Oral Care will be excluded from Renaissance Capital's 2022 IPO stats.
Bruush Oral Care is an e-commerce business with a product portfolio that currently consists of a sonic-powered electric toothbrush kit and brush head refills. Its Brüush starter kit includes the Brüush electric toothbrush and related accessories, and brush head refills can be purchased on a subscription basis. Later this calendar year, Bruush plans to launch several new subscription-based consumable oral care products, including toothpaste, mouthwash, dental floss, a whitening pen, as well as an electric toothbrush for kids.
Bruush Oral Care plans to list on the Nasdaq on Wednesday under the symbol BRSH. Aegis Capital Corp. acted as sole bookrunner on the deal.
