European Wax Center, a franchised chain of hair removal salons, announced terms for its IPO on Wednesday.
The Plano, TX-based company plans to raise $175 million by offering 10.6 million shares (15% secondary) at a price range of $15 to $18. At the midpoint of the proposed range, European Wax Center would command a fully diluted market value of $1.1 billion.
European Wax Center states that it is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the US by number of centers and system-wide sales. The company delivered over 21 million waxing services in 2019 and over 13 million waxing services in 2020 across its network. As of March 27, 2021, the company had centers in 808 locations (803 of which are franchised) across 44 states.
European Wax Center was founded in 2004 and booked $107 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol EWCZ. Morgan Stanley, BofA Securities, Jefferies, Citi, Guggenheim Securities, Truist Securities, and Baird are the joint bookrunners on the deal. It is expected to price during the week of August 2, 2021.
