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Highlights
- Cariloha Inc. is a luxury bedding, bath, and apparel company.
- It is offering 2,300,000 Class A common stock shares in the IPO.
- The expected IPO date is February 11, 2022.
Bedding, bath, and apparel company Cariloha Inc. is gearing up for its Nasdaq IPO on February 11. Cariloha applied for the public offer on Form S-1 on Monday, January 7.
The Sandy, Utah-based company makes various household and clothing products with bamboo-based soft, cool, and green fabrics.
The company is offering 2,300,000 shares of Class A common stock. An additional 345,000 shares are reserved for underwriters at the offering price if they want to purchase. The price range is set at US$12.00 to US$14.00, and the expected IPO date is February 11, 2022.
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The company will have total outstanding shares of 12,300,000 after the offer. Cariloha expects net proceeds of around US$26,828,815 at the mid-point of the price range after deducting the underwriting discounts, commissions, and offering expenses. It will trade the stocks in the Nasdaq Capital Market under the symbol ALOHA. The joint book-running managers for the IPO are Roth Capital Partners and Oppenheimer & Co., and the co-manager is Craig-Hallum.
Although the company hasn’t specified how it will use the proceeds, it may use the funds to repay the outstanding loans and general corporate purposes.
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About company
Cariloha, Inc. makes bedding, clothing, and bath goods from eco-friendly bamboo viscose - one of the most sustainable, replenishable, and renewable resources on the planet.
The company aims to provide eco-friendly products made from bamboo to customers.
It has developed a line of alternative products to traditional fabrics. Cariloha sells the products through e-commerce, modern brick and mortar stores, and wholesale channels.
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Financials
For the nine months ended September 30, 2021, the company booked a net income attributable to the company of around US$368,000 or US$29.08 per share diluted on sales of US$34.47 million. Its total sales were US$48.2 million in fiscal 2019 and US$68.5 million in FY20.
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Bottomline
The pace of US IPOs has slowed down in 2022 as companies weighed the high market volatility, inflation, and a potential rate hike in the first quarter. Analysts expect the market to improve in the second half of the year by when these uncertainties could be clearer.
