Lulu’s Fashion Lounge Prices IPO at Bottom of Range
(Bloomberg) -- Ecommerce company Lulu’s Fashion Lounge Holdings Inc. raised $92 million in an initial public offering priced at the bottom of a marketed range.
Lulu’s sold 5.75 million shares Wednesday for $16 apiece, according to a statement confirming an earlier Bloomberg News report. The company, based in Chico, California, had marketed the shares for $16 to $19 each.
The company’s investors include affiliates of H.I.G., Institutional Venture Partners and Canada Pension Plan Investment Board.
Lulu’s said in its filings that one of its co-founders, Debra Cannon, isn’t expected to continue serving on its board after the IPO.
The IPO being led by Goldman Sachs Group Inc., Bank of America Crop. and Jefferies Financial Group Inc. The company’s shares are expected to begin trading Thursday on the Nasdaq Global Market under the symbol LVLU.
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