Adore Beauty to raise $269.5m for IPO

Online cosmetics retailer Adore Beauty will raise $269.5m for its initial public offering.

The company, owned by founder Kate Morris and Quadrant Private Equity, will head to the boards on October 23 on a conditional basis through advisers Morgan Stanley and UBS.

As reported by DataRoom on Thursday, shares will be priced at $6.75 each, with the IPO comprising a $229.5m selldown by investors and a $40m primary issuance.

Once listed, the company will have 94.1m securities and a market value of $635.3m and an enterprise value of $614.8m.

The price equates to 3.9 times its 2020 revenue.

Once listed, Quadrant, which currently owns 57.8 per cent of the business, will own 32.5 per cent. Kate Morris, who owns 19.3 per cent, will have 10.8 per cent and James Height, who is also a founder and owns 19.3 per cent, will own 10.8 per cent.

Other shareholders will hold a small interest, while new investors will have 42.4 per cent of the company.

An institutional bookbuild will open on October 6, with the final version of the prospectus expected to be lodged with ASIC around October 7.