Lulu’s Fashion Lounge shares slide 18% in trading debut

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Lulu’s Fashion Lounge Holdings Inc. shares LVLU, +5.28% slid 18% in their trading debut Thursday, after the company’s initial public offernig priced at $16, the low end of its proposed range of $16 to $19. The online fast-fashion retailer sold 5.75 million shares, raising $92 million. Shares started trading on the Nasdaq on Thursday under the symbol “LVLU.” In its prospectus, the Chico, Calif.-based company said it has been profitable this year and that one of its strengths is the ability to use “data to optimize almost all elements of our business,” including product creation. Lulu’s listed revenue of $54.5 million in the three months ended on Sept. 27, 2020, compared to estimated revenue between $104.5 million and $106.2 million for the three months ended on Oct. 3, 2021. It listed profit of $377,000 for the year-ago period and estimated profit between $3.3 million and $3.9 million for the current-year period. Goldman Sachs, Jefferies and BofA Securities acted as lead underwriters.

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