One of beauty’s biggest hair care stars has filed for an initial public offering.
According to MarketWatch, Olaplex Holdings Inc., which was bought by private-equity firm Advent International in January 2020, filed to sell $100 million worth of stocks late Friday. Olaplex listed sales of $270 million in the six months ended June 2021, up from $100 million in the year-ago period. It earned $95 million in the period, compared with losses of $22 million a year ago.
In the filing, according to MarketWatch, the company shifted focus from professional and salon to direct-to-consumer during the height of the pandemic when most stores were closed. The company also created an affiliate program last year so hairstylists would sell Olaplex products for at-home use, Marketwatch reported. Olaplex would trade on the Nasdaq under the symbol OLPX. Underwriters include Goldman Sachs, JPMorgan, and Morgan Stanley.