OLAPLEX Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Olaplex Holdings announced its initial public offering (IPO) of 73,700,000 shares at $21.00 each, exclusively offered by existing stockholders. The company will not receive proceeds from this sale. An additional 11,055,000 shares may be purchased by underwriters within 30 days at the same price. Trading on Nasdaq under the symbol 'OLPX' is set to commence on September 30, 2021, with the offering closing on October 4, 2021. Major investment banks including Goldman Sachs, J.P. Morgan, and Morgan Stanley are managing the offering.

Positive

• None.

Negative

• Existing stockholders are selling shares, indicating potential dilution for current investors.
• Olaplex will not receive any proceeds from the public offering, limiting financial benefit from this IPO.

SANTA BARBARA, Calif., Sept. 30, 2021 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (“OLAPLEX”) announced the pricing of its initial public offering of 73,700,000 shares of its common stock at a price to the public of $21.00 per share. All 73,700,000 shares of common stock are being offered by certain of OLAPLEX’s existing stockholders (the “Selling Stockholders”). OLAPLEX will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Selling Stockholders have granted the underwriters a 30-day option to purchase up to 11,055,000 additional shares of common stock from the Selling Stockholders at the initial public offering price, less underwriting discounts and commissions.

OLAPLEX shares are expected to begin trading on the Nasdaq Global Select Market on September 30, 2021 under the symbol “OLPX.” The offering is expected to close on October 4, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley and Barclays are acting as joint lead book-running managers for the proposed offering. BofA Securities, Evercore ISI, Jefferies and Raymond James are also acting as joint bookrunning managers. Cowen, Piper Sandler, Truist Securities, Telsey Advisory Group, Drexel Hamilton and Loop Capital Markets are acting as co-managers.

A registration statement related to this offering was declared effective by the Securities and Exchange Commission (“SEC”) on September 29, 2021. This offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or email: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204, or by emailing prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847, or by email at barclaysprospectus@broadridge.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About OLAPLEX
OLAPLEX is an innovative, science-enabled, technology-driven beauty company with a mission to improve the hair health of its consumers. A revolutionary brand, OLAPLEX paved the way for a new category of hair care called “bond-building,” the process of protecting, strengthening and rebuilding broken bonds in the hair during and after hair services. The brand’s products have an active, patent-protected ingredient that works on a molecular level to protect and repair hair from damage. OLAPLEX’s award-winning products are sold through a global omni-channel platform serving the professional, specialty retail, and direct-to-consumer channels.

Forward-Looking Statements
This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about the completion, timing and size of the initial public offering and the commencement of trading on the Nasdaq Global Select Market. Each forward-looking statement is subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the initial public offering discussed above will be completed on the terms described or at all. Completion of the proposed initial public offering and the terms thereof are subject to numerous factors, many of which are beyond the control of OLAPLEX, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the prospectus included in the registration statement, in the form last filed with the SEC. These forward-looking statements speak only as of the date of this press release and OLAPLEX undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts
Financial Media and Investor Relations:
ICR
OLAPLEX@icrinc.com

FAQ

What is the IPO price for OLPX shares?

The IPO price for OLPX shares is set at $21.00 each.

When will OLPX begin trading on Nasdaq?

OLPX is expected to begin trading on Nasdaq on September 30, 2021.

How many shares are being offered in the OLPX IPO?

A total of 73,700,000 shares are being offered in the OLPX IPO.

Who are the underwriters for the Olaplex IPO?

Goldman Sachs, J.P. Morgan, Morgan Stanley, and Barclays are the main underwriters for the IPO.

Will Olaplex receive proceeds from the IPO?

No, Olaplex will not receive any proceeds from the IPO as the shares are being sold by existing stockholders.