Just days before its stock is expected to begin trading, a.k.a. Brands Holding slashed the size and price range for its initial public offering.
The company said Tuesday it would sell 10 million shares at $11 to $13. This is down from the 13.9 million shares at $17 to $19 it had planned to offer. A.k.a. will trade under the New York Stock Exchange ticker “AKA.”
At $13 a share, a.k.a.’s valuation could hit $1.6 billion. A.k.a. Is scheduled to list its shares on Thursday, two people familiar with the situation said. BofA Securities, Credit Suisse and Jefferies are underwriters on the deal.
More than a dozen companies are expected to go public this week. Toast, the restaurant software company, and Freshworks, which provides automation software, are scheduled to price their IPOs later Tuesday and trade Wednesday.
Founded in 2018, a.k.a. acquires fashion brands that are geared to millennials and Gen Z consumers who get their fashion inspiration from social media. These consumers also mainly shop online and by using mobile devices.
A.k.a.’s first brand was the online fashion boutique Princess Polly, which it bought in 2018. In 2019, it picked up Petal & Pup, another online boutique, and plus-size retailer Rebdolls. This year, a.k.a. made its largest acquisition so far, buying the Australian streetwear brand Culture Kings for nearly $600 million, according to the Sydney Morning Herald.
Summit Partners, the Boston private-equity firm, will own 56.7% of a.k.a. after the IPO, the filing said.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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September 22, 2021 at 04:38AM
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Fashion Company a.k.a Brands Cuts IPO Size - Barron's
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