Lulu’s Fashion Lounge Holdings Inc. priced its initial public offering at $ 16 a share Wednesday night, at the bottom of its expected range.
The online fast-fashion retailer plans to sell 5.75 million shares, raising $ 92 million. Shares had expected to price between $ 16 and $ 19. Shares are expected to start trading on the Nasdaq on Thursday under the symbol “LVLU.”
In its prospectus, the Chico, Calif.-based company said it has been profitable this year and that one of its strengths is the ability to use “data to optimize almost all elements of our business,” including product creation.
Lulu’s listed revenue of $ 54.5 million in the three months ended on Sept. 27, 2020, compared to estimated revenue between $ 104.5 million and $ 106.2 million for the three months ended on Oct. 3, 2021. It listed profit of $ 377,000 for the year-ago period and estimated profit between $ 3.3 million and $ 3.9 million for the current-year period.
Goldman Sachs, Jefferies and BofA Securities are acting as lead underwriters.
Claudia Assis contributed to this report.