Figs (Figs) – Get a report, the direct-to-consumer health clothing and lifestyle company, debuted on the stock exchange, opening 29% above its initial introductory price.
Shares of the Santa Monica, Calif., Company in the last check jumped 38% to $ 30.35. The stock opened at $ 28.30.
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Figs, which has around 200 employees, said in a statement Wednesday that it sold 26.4 million shares at $ 22. The estimated IPO price was $ 16 to $ 19 per share. That would value the company at around $ 4.4 billion.
Figs offered 4.6 million shares and its largest holder, Pittsburgh-based tech investor Tulco, offered 21.7 million. Tulco has given the underwriters an option for an additional 4 million shares.
The company said it markets and sells 98% of its products through its digital platform, which consists of a website and a mobile app, “to a growing community of loyal customers.”
âWe generate revenue by selling technically advanced clothing for modern healthcare professionals,â the company said in a regulatory filing.
“Our offerings include protective clothing, as well as lifestyle clothing and other offers, such as lab coats, under-exfoliators, outerwear, sportswear, loungewear , compression socks, shoes, masks and face shields. “
Figs’ offering is the first to sell directly to retail investors through Robinhood’s online brokerage platform. Robinhood said last week that the platform, IPO Access, will roll out gradually over the next few weeks.
The company said it is reserving up to 1% of the deal for Robinhood users.
âThe Figs IPO is great news for Robinhood users, as Figs is the best IPO we’ve seen so far in 2021,â said David Trainer, CEO of New Constructs, in a statement. research note.
“In other words, Robinhood not only provides users with access to an IPO, it also appears to be organizing this offering to ensure that it offers better quality IPOs.”
Figs said it had 1.5 million active customers as of March 31. Net revenues totaled $ 263.1 million for 2020, more than double (up 138%) the year before.
âWe believe that the growth in our net revenue per active customer demonstrates our growing value proposition for our customers,â the company said.
The file indicates that the COVID-19 pandemic “has amplified the indispensable nature of health professionals”.
“We believe the pandemic has accelerated the awareness of the FIGS brand and a shift in purchasing decisions that will continue to drive future growth,” the file says.
“However, there can be no assurance that these trends will continue and the ultimate impact of the pandemic remains uncertain.”