Innovative Eyewear, which makes eyewear with tech-enabled frames under the brand Lucyd, announced terms for its IPO on Monday.
The North Miami, FL-based company plans to raise $15 million by offering 2.9 million units at a price range of $4.25 to $6.25. Each unit consists of one share of common stock and one warrant, exercisable at 100% of the IPO price. At the midpoint of the proposed range, Innovative Eyewear would command a market cap of $47 million.
Because the company is offering units with warrants attached, Innovative Eyewear will be excluded from Renaissance Capital’s IPO stats.
Innovative Eyewear develops and sells a suite of tech-enabled eyeglasses and sunglasses, offering both prescription eyewear and sun protection. In January 2021, the company launched its first commercial product, Lucyd Lyte, which enables the wearer to listen to music, take and make calls, and use voice assistants to perform many common smartphone tasks hands-free.
The North Miami, FL-based company was founded in 2019 and booked $1 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol LUCY. Maxim Group LLC is the sole bookrunner on the deal.
