aka Brands Holding Corp. announces the price of its initial public offering
SAN FRANCISCO – (COMMERCIAL THREAD) – aka Brands Holding Corp. (“Aka Brands” or the “Company”) today announced the price of its initial public offering of its common shares. The Company is offering 10,000,000 common shares at a public price of $ 11.00 per share for gross proceeds of $ 110,000,000. Aka Brands shares are expected to begin trading on the New York Stock Exchange (“NYSE”) on September 22, 2021, under the symbol “AKA”. The initial public offering is expected to close on September 24, 2021, subject to the satisfaction of customary closing conditions.
In addition, the underwriters will have a 30-day option to purchase an additional 1,500,000 common shares of the Company at the initial public offering price, less underwriting discounts and commissions.
aka Brands will receive net proceeds of approximately $ 96.4 million after deducting subscription rebates and commissions and estimated expenses and intends to use the net proceeds received from this offering, together with borrowings under the Company’s new senior secured credit facility, to (i) repay in full all amounts outstanding under the Company’s existing senior secured credit facility and the Company’s existing subordinated notes and (ii) buy out minority interests in Petal & Pup. The Company intends to use any remaining net proceeds for working capital and general business purposes, including any future acquisitions.
BofA Securities, Credit Suisse and Jefferies act as co-book managers for the offering. Wells Fargo Securities, KeyBanc Capital Markets, Cowen, Piper Sandler and Truist Securities also act as book managers for the offering. Telsey Advisory Group and Loop Capital Markets act as co-managers of the offer.
The offer will be made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, can be obtained from:
- BofA Securities at BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, by phone at (800) -294-1322 or by email at dg .prospectus_requests @ bofa.com
- Credit Suisse at Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by phone at (800) -221-1037 or by email at [email protected] .com
- Jefferies at Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by phone at (877) -821-7388 or by email at [email protected]
A registration statement on Form S-1 relating to these securities has been filed with the United States Securities and Exchange Commission and became effective September 21, 2021. Copies of the registration statement can be viewed at the Securities and Exchange Commission website at www.sec .gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, solicitation or offer to buy, or sale of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About aka Marques
Founded in 2018, aka Brands is a global platform of diversified fashion brands, direct to consumers and digital natives. Designed for the next generation of consumers, each brand in the aka portfolio targets a distinct audience, presents inspiring content, curates high-quality merchandise, and creates authentic relationships with their customers. aka Brands relies on a flexible and lean operating model to help each brand accelerate its growth, expand into new markets and improve profitability. Current brands in the aka Brands portfolio include Princess Polly, Culture Kings, Petal & Pup and Rebdolls.