Long-awaited e.l.f. Cosmetics IPO materialises for $17 a share

IPO, which was rumoured to be in the pipeline since November last year, is reported to have raised $141m

US mass make-up brand e.l.f. Cosmetics, which operates as e.l.f Beauty, announced the pricing of an IPO yesterday, which had been rumoured since November last year.

The IPO of 8,333,333 shares of common stock was priced at $17 per share, with the selling stockholders ready to part with 4,333,333 shares and e.l.f. selling 4,000,000.

The IPO, Reuters reported, was said to have raised $141m, according to a person familiar with the matter. The pricing was above expectations and the company’s predicted range of $14-$16.

e.l.f. Cosmetics – an aconym for eyes, lips and face – is based in California.

In February 2014, private equity investment firm TPG Growth acquired a majority stake in e.l.f. Cosmetics from TSG Consumer Partners. TPG Growth manages more than $7bn in assets across sectors including media, and technology.

At the time, John Bailey, Principal at TPG Growth, said: “We believe that many opportunities lie ahead, and are happy to partner with e.l.f. to build the company and accelerate its already impressive growth trajectory.”

TPG Growth and e.l.f. Cosmetics did not respond to Cosmetics Business by the time this article was published.