Fashion Company AKA Brands Reduces IPO Size

Text size

Marina Gordejeva / Dream time


Just days before its stock began trading, aka Brands Holding reduced the size and price range of its initial public offering.

The company said on Tuesday it would sell 10 million shares for between $ 11 and $ 13. This is down from the 13.9 million shares at $ 17 to $ 19 he had planned to offer. Aka will trade under the New York Stock Exchange symbol “AKA”.

At $ 13 per share, AKA’s valuation could reach $ 1.6 billion. Aka is expected to register her actions on Thursday, said two people familiar with the situation. BofA Securities,


Swiss credit

and Jefferies are the underwriters of the transaction.

More than a dozen companies are expected to go public this week. Toast, the catering software company, and Freshworks, which provides automation software, are expected to price their IPOs later Tuesday and trade on Wednesday.

Founded in 2018, aka acquires fashion brands that cater to millennials and Gen Z consumers who are inspired by social media fashion. These consumers also shop primarily online and using mobile devices.

Aka’s first brand was online fashion boutique Princess Polly, which she purchased in 2018. In 2019, she took over Petal & Pup, another online store, and plus size retailer Rebdolls. This year, aka made their biggest acquisition to date, buying Australian streetwear brand Culture Kings for nearly $ 600 million, according to the Sydney Morning Herald.

Summit Partners, the Boston-based private equity firm, will own 56.7% of AKA after the IPO, according to the filing.

Write to Luisa Beltran at luisa.beltran@dowjones.com

Source link

About Adam Motte

Check Also

Weight gain during COVID-19, especially in younger consumers, leads to changes in the way Americans eat and dress

Many Americans have added the dreaded “COVID-19 pounds” or more during the pandemic, which could …

Leave a Reply

Your email address will not be published. Required fields are marked *