Digital Brands Group (DBGI) IPO Opens Flat, Trades Sharply Lower
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Today's IPO for Digital Brands Group, Inc. (NASDAQ: DBGI) opened for trading earlier at $4.14 after pricing 2,409,639 shares of common stock and warrants to purchase 2,409,639 shares of common stock at a combined public offering price of $4.15 per share and warrant. Shares have since moved lower to $2.93, down 29%.
Kingswood Capital Markets, division of Benchmark Investments, Inc., is acting as sole book-running manager for the offering. Manatt, Phelps & Phillips, LLP represented Digital Brands and Nelson Mullins Riley & Scarborough LLP acted for Kingswood.
Digital Brands offers a wide variety of apparel through numerous brands on a both direct-to-consumer and wholesale basis. We have created a business model derived from our founding as a digitally native-first vertical brand. Digital native first brands are brands founded as e-commerce driven businesses, where online sales constitute a meaningful percentage of net sales, although they often subsequently also expand into wholesale or direct retail channels., Unlike typical e-commerce brands, as a digitally native vertical brand we control our own distribution, sourcing products directly from our third-party manufacturers and selling directly to the end consumer. Digital Brands focuses on owning the customer's "closet share" by leveraging their data and purchase history to create personalized targeted content and looks for that specific customer cohort. The Company has strategically expanded into an omnichannel brand offering these styles and content not only on-line but at selected wholesale and retail storefronts. We believe this approach allows us opportunities to successfully drive Lifetime Value ("LTV") while increasing new customer growth.
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