Brilliant Earth (BRLT) Downsized IPO Opens Up 8%, Jumps 34% Higher Post Open

September 23, 2021 2:00 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Today's IPO for ominichannel jewelry retailer Brilliant Earth Group, Inc. (NASDAQ: BRLT) opened for trading earlier at $13 after pricing 8,333,333 shares of its Class A common stock at a price to the public of $12.00 per share, below the expected $14-$16 range. The IPO size was also cut from 16,666,667 shares. Shares have since moved to $16.08, or +37%.

The valuation of Brilliant Earth Group based on the current price is ~$1.6 billion.

J.P. Morgan, Credit Suisse, Jefferies and Cowen are acting as the lead book-running managers and representatives of the underwriters for the proposed offering. KeyBanc Capital Markets, Piper Sandler, William Blair and Telsey Advisory Group are acting as book-running managers. Cabrera Capital Markets LLC, Loop Capital Markets and Siebert Williams Shank are acting as co-managers for the offering.

Brilliant Earth Group grew first-half 2021 net sales to $163.0 million, up 77.7% from $91.8 million in the first half of 2020; achieved first-half 2021 net income of $10.9 million, up from $0.2 million in the first half of 2020; achieved first-half 2021 net income margin of 6.7%, compared to 0.2% in the first half of 2020; grew first-half 2021 Adjusted EBITDA to $21.0 million, up 600% from $3.0 million in the first half of 2020; improved first-half 2021 Adjusted EBITDA margin to 12.9%, compared to 3.3% in the first half of 2020.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

IPOs

Related Entities

Credit Suisse, William Blair, JPMorgan, KeyBanc, Jefferies & Co, Cowen & Co, IPO