Cariloha, a bamboo-based bedding, clothing, and bath goods brand, lowered the proposed deal size for its upcoming IPO on Friday.
The Sandy, UT-based company now plans to raise $20 million by offering 2 million shares at a price range of $9 to $11. The company had originally filed to offer 2.3 million shares at a range of $12 to $14. At the midpoint of the revised range, Cariloha will raise -33% less in proceeds than previously anticipated.
Cariloha is an omnichannel brand focused on sustainable bedding, clothing, and bath goods made of eco-friendly viscose-from-bamboo. The company markets and sells its products through its e-commerce channel, showrooms, and wholesale channel. As of September 30, 2021, its bedding category offered 184 SKUs priced from $25 to $2,900; its apparel category offered 6,959 SKUs priced from $10 to $89; and its bath category offered 39 SKUs priced from $24 to $120.
Cariloha was founded in 2007 and booked $49 million in sales for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol ALOHA. Roth Capital and Oppenheimer & Co. are the joint bookrunners on the deal. It is expected to price during the week of February 14, 2022.
