Brilliant Earth (BRLT) Downsized IPO Opens Up 8%, Jumps 34% Higher Post Open
- Wall Street ends higher as investors bet on positive earnings season
- Netflix (NFLX) Q3, Q4 Subscriber Guidance Beats on 'Squid Game' Success
- Walmart (WMT) Added to Goldman's Conviction Buy List, Target (TGT) Removed
- SpaceX: If Elon Musk Were to Become the First Trillionaire, it Won't be Because of Tesla (TSLA)
- Johnson & Johnson (JNJ) Reports a Beat-and-Raise 3Q, Analyst Positive
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
- 8 Things to Know About the Upcoming Minerva Surgical (UTRS) IPO
- UPDATE: Cowen Starts Brilliant Earth Group Inc (BRLT) at Outperform
- GlobalFoundries seeks $25 billion valuation in U.S. IPO as chip demand soars
Create E-mail Alert Related CategoriesIPOs
Related EntitiesCredit Suisse, William Blair, JPMorgan, KeyBanc, Jefferies & Co, Cowen & Co, IPO
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!