Tria Beauty IPO watch: According to the latest regulatory filing, U.S hair removal laser and other skin care hair removal devices manufacturer Tria Beauty announced the withdrawal of its IPO due to the poor market conditions.
Tria Beauty previously announced that it would sell 4.6 million shares at the IPO price range of $13 $ to $15, in order to raise funds of $64 million. On the basis of an assumed IPO price of $14, the median of the estimated Tria Beauty IPO price range, company’s market value would reach $290 million.
The company booked $14 million in revenues for the first quarter, a 49% increase compared to a year ago; gross was 52%, compared to 46% for the same period of last year; operating loss was $10 million, compared to an operating loss of $7 million in the same period last year, primarily due to the 58% increase in sales and marketing expenditures.
Tria Beauty planned to list its common shares on the Nasdaq under the symbol “TRIA”. Morgan Stanley and Piper Jaffray were the lead underwriters of the Tria Beauty IPO.
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