Canadian beauty brand owner MAV Beauty Brands has successfully closed its previously announced independent public offering and secondary offering of its common shares at US$14 per share.
The common shares commenced trading on 10 July on the Toronto Stock Exchange under the symbol ‘MAV’.
The offering included a treasury offering by MAV Beauty Brands and a secondary offering of common shares of MAV Beauty Brands by entities owned, controlled or managed by TA Associates Management, Marc Anthony Venere and the Redmond Family (or the ‘selling shareholders’).
MAV Beauty Brands sold 9,000,000 common shares under the offering at a price of $14 per share, for total gross proceeds to the company of $126m.
The selling shareholders sold an aggregate of 8,267,000 common shares at a price of $14 per share, for total gross proceeds of $115.74m.
The company did not receive any proceeds from the secondary offering.
“This IPO represents a very important milestone for our company and is a testament to the continued dedication of our highly motivated, passionate and entrepreneurial team, as well as the loyalty of our consumers and retailer partners across the world,” said Marc Anthony Venere, founder, President and Chief Executive Officer of MAV Beauty Brands.
“As we embark on the next stage, we look forward to continuing to profitably scale the company to establish a truly iconic portfolio of brands.”
At present, MAV Beauty Brands’ portfolio comprises hair care brands Marc Anthony True Professional and Renpure, and vegan label Cake Beauty.
The offering was 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.
The underwriters have also been granted an over-allotment option to purchase up to an additional 2,590,050 common shares from the selling shareholders, on a pro rata basis, at $14 per common share for additional gross proceeds of approximately $36.26m if the over-allotment option is exercised in full.
The over-allotment option can be exercised for a period of 30 days from the closing date.
