Benzinga | Sep 30, 2021 05:53AM EDT

Advent's Olaplex Prices Upsized IPO Above Estimated Range To Raise $1.6B

* Hair products maker Olaplex Holdings Inc has priced its initial public offering (IPO) of 73.7 million shares of its common stock at $21.00 per share.

* The company had earlier pegged its IPO price of 67 million shares at $17 - $19 per share, seeking a valuation of up to $12.3 billion based on the expected 648.12 million shares outstanding after the offering.

* Investment funds affiliated with private equity firm Advent International Corp will beneficially own about 79.6% of the combined voting power of Olaplex's common stock.

* All 73.7 million shares are being offered by certain of its existing stockholders. Olaplex will not receive any proceeds from the sale of the shares by the selling stockholders.

* The selling stockholders have granted the underwriters a 30-day option to purchase up to 11.05 million additional shares.

* Olaplex shares are expected to begin trading on the Nasdaq Global Select Market on September 30, 2021, under the symbol 'OLPX.'

* The offering is expected to close on October 4, 2021.