Hair products maker Olaplex files for IPO

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Olaplex Holdings Inc., a maker of hair products, has filed for an initial public offering, according to a filing late Friday. Private-equity Advent and other funds bought Olaplex in January 2020. The company filed to sell $100 million worth of stocks, although that amount is often a placeholder used to calculate filing fees. Olaplex listed sales of $270 million in the six months ended June 2021, up from $100 million in the year-ago period. It earned $95 million in the period, contrasting with losses of $22 million a year ago. The pandemic has shifted demand for Olaplex’s products to specialty retail and direct-to-consumer businesses, the company said. “This shift enabled us to scale our DTC capability faster than expected,” the company said in the filing. “Even as salons in our professional channel locations have reopened, we have not seen a decline in the demand for our products in our DTC channel, nor do we expect to,” it said. The company also created an affiliate program last year so hairstylists would sell Olaplex products for at-home use, it said. Olaplex would trade on the Nasdaq under the symbol OLPX. Underwriters include Goldman Sachs, JPMorgan, and Morgan Stanley.

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