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


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.

This article was originally published by Read the original article here.

Previous articleProject Syndicate: The culprit for high inflation? Too much efficiency
Next articleHelp Me Retire: I’m a 39-year-old single dad with $600,000 saved — I want to retire at 50 but don’t know how. What should I do?


Please enter your comment!
Please enter your name here