Tria Beauty IPO watch: According to the Amendment No. 4 to Form S-1 filing, U.S. home hair removal equipment and skin care equipment manufacturer Tria Beauty will offer 4.6 million shares of its common stock in its IPO (initial public offering). The company has chosen to list its common shares on the the NASDAQ Global Market under the symbol “TRIA.” The Tria Beauty IPO price is expected to be between $13.00 and $15.00 per share.On the basis of an assumed public offering price of $14 per share, the company expects to receive net proceeds of approximately $56.9 million from the Tria Beauty IPO. The net proceeds will be used to support the ongoing commercialization of products, product development, regulatory and clinical study initiatives, to prepay the principal and interest outstanding, a prepayment fee and for working capital and general corporate purposes.
Morgan Stanley and Piper Jaffray are acting as the lead underwriters of the Tria Beauty IPO. Wells Fargo Securities is working as the co-manager on this deal. The underwriters may purchase up to an additional 690,000 shares of common stock to cover over-allotments at the Tria Beauty IPO price.
According to the regulatory filing, Tria Beauty grew its sales from $9.8 million in 2008 to $45.0 million in 2011, representing a compound annual growth rate of 66%. For the first quarter ended March 31, 2012, the company recognized sales of $13.5 million, an increase of 49% compared to a year ago. The company has incurred significant net losses since its inception. The company posted net losses of approximately $12.4 million, $25.6 million, $34.8 million and $11.1 million for 2009, 2010, 2011 and the first quarter ended March 31, 2012.
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