Revolve IPO valued at $1.23 billion
today Jun 7, 2019
American fashion e-tailer Revolve Group, Inc. is set to start trading on the New York Stock Exchange on Friday, pricing its shares at $18 each for an initial public offering with an overall valuation of $1.23 billion.
The IPO will see some 11.8 million shares of the retailer’s Class A common stock go up for grabs, around 2.9 million of which are being offered by the company itself, while the other 8.8 million will be offered by stockholders.
The retail group’s co-CEOs Michael Karanikolas and Michael Mente will be selling around 1.2 million shares but will continue to hold over 65% of voting rights at the company thanks to their Class B shares, which total 38.7 million.
Founded by Karaniklos and Mente in 2003, Revolve first revealed plans for an IPO in October 2018, at which time it said that it hoped to raise up to $100 million when it went public.
In May 2019, this total rose to around $200 million as the online fashion retailer specified the number of shares that would be going on sale, pricing them between $16 and $18 each.
The IPO’s latest valuation has blown this figure out of the water, making for a promising start for Revolve Group, which owns e-commerce platforms Revolve.com and Fwrd.com, as well as a portfolio of 19 brands under the Alliance Apparel umbrella.
The company is currently experiencing rapid growth, having reported net sales of $498.7 million in 2018, up 24.8% from the previous year, while annual net income shot up 512.8% to $30.6 million.
Revolve will be trading under the ticker symbol RVLV. Subject to customary closing conditions, the company’s IPO is expected to close on Tuesday, June 11, 2019.
Copyright © 2019 FashionNetwork.com All rights reserved.