Canada’s MAV Beauty Brands has entered into an underwriting agreement for a previously announced initial public offering (IPO) of more than US$241m worth of common shares.
On 28 June, the Concord, Ontario-based company announced that it had obtained a receipt for its final prospectus regarding the IPO filed with the securities regulatory authorities in each of the provinces and territories of Canada.
MAV Beauty Brands’ products are sold in over 25 countries worldwide, and its portfolio includes hair care brands Marc Anthony True Professional and Renpure, and vegan skin and hair care label Cake Beauty.
The IPO includes a treasury offering by MAV Beauty Brands and a secondary offering of common shares owned by the selling shareholders: namely, TA Associates Management, Marc Anthony Venere and the Redmond Family.
MAV Beauty Brands will sell 9,000,000 common shares under the offering at a price of $14 per share, with the total gross proceeds of $126m going to the company.
The selling shareholders, meanwhile, have agreed to sell an aggregate of 8,267,000 common shares – also at $14 per share – for total gross proceeds of $115.738m. This will all go to the selling shareholders with MAV Beauty Brands receiving no proceeds from the secondary offering.
The IPO is being co-led by CIBC Capital Markets, RBC Capital Markets and Jefferies Securities, together with BMO Capital Markets, National Bank Financial, Raymond James Ltd and Canaccord Genuity Corp, and is expected to close on 10 July, subject to customary closing conditions.
