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

September 23, 2021 2:00 PM EDT

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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.

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