8 Key Facts About the Upcoming Brilliant Earth (BRLT) IPO

September 15, 2021 12:03 PM EDT

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The IPO for Brilliant Earth Group, Inc. (NASDAQ: BRLT) will be launching soon and is available for investors on the RobinHood IPO access platform. The company, founded in 2005, is a Millennial and Gen Z-focused ominichannel fine jewelry company and a global leader in ethically sourced fine jewelry. Below are 8 key facts about the upcoming IPO.

1. Brilliant Earth Group IPO Timing: Brilliant Earth Group is expected to IPO on the NASDAQ on September 23, 2021. The ticker symbol will be 'BRLT'. Normally IPOs on the NASDAQ began trading between 10AM-2PM ET.

2. Brilliant Earth Group IPO Price: Brilliant Earth Group's IPO price is currently expected to be between $14.00 and $16.00 per share. This price range can move up or down depending on initial client demand.

3. Shares Offered: 16,666,667 shares of Class A common stock will be offered. The company expects to grant the underwriters a 30-day option to purchase up to an additional 2,500,000 shares of its Class A common stock

4. IPO Valuation: Given there will be 94,331,684 shares outstanding after the offering, pricing at the top end of the range would give the company a valuation of ~$1.5 billion. If the IPO prices at the low end would be ~$1.3 billion and in the middle of the range would be ~$1.4 billion.

5. Shares Classes and Voting Rights: Class A, Class B, and Class C shares will be outstanding following the offering. The Class A shares being offered will represent approximately 3.3% of the combined voting power. The Class B shares will represent approximately 6.5% of the combined voting power. The Class C shares will represent approximately 90.2% of the combined voting power.

6. Underwriters: 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.

7. Important Brilliant Earth Group Financials: 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.

8. Market size: The fine jewelry market is estimated to be worth approximately $300 billion globally and approximately $61 billion in the U.S. according to Euromonitor, and has consistently grown at CAGRs of 7.4% and 4.7%, respectively, from 2010 to 2019. In the U.S., e-commerce is the fastest growing channel, with a CAGR of 15% from 2010 through 2020, increasing from 10% of sales in 2010 to 31% in 2020.



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