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a.k.a. Brands files for New York IPO

By Huw Hughes

24 Aug 2021

Business

Image: Princess Polly

Direct-to-consumer fashion platform a.k.a. Brands plans to float on the New York Stock Exchange under the ticker ‘AKA’.

The company announced Tuesday it has publicly filed a registration statement on Form S-1 with the US Securities and Exchange Commission relating to a proposed initial public offering (IPO) of its common stock.

The number of shares and price range have not yet been determined.

BofA Securities, Credit Suisse and Jefferies will act as joint lead book-running managers for the proposed offering, while Wells Fargo Securities, KeyBanc Capital Markets, Piper Sandler, Cowen and Truist Securities will act as book-running managers. Telsey Advisory Group will act as co-manager.

Established in 2018, a.k.a. Brands is a global platform of direct-to-consumer, digitally native fashion brands. Its portfolio includes Princess Polly, Petal & Pup, Rebdolls, and its most recent addition, Australian streetwear retailer Culture Kings, which it acquired back in April for an undisclosed sum.

a.k.a. Brands reports sales, profit growth

In the year to December 2020, net sales at a.k.a. Brands increased 110.8 percent to 215.92 million dollars, while net income increased more than tenfold to 14.81 million dollars. Its gross margin increased by 401 basis points during the year.

Net sales in the six months to June 30 2021 increased 166.5 percent to 218 million dollars, while net income increased 79.7 percent to 3.98 billion dollars. Its gross margin increase by 72 basis points compared to a year ago.

The news of a.k.a. Brands’s IPO adds to a growing list of fashion companies to have announced plans to float since the beginning of the pandemic.

Also on Tuesday, Swiss performance brand On said it plans to list on the New York Stock Exchange under the symbol ‘ONON’.

The brand, which is backed by Swiss tennis star Roger Federer, reported an 85 percent increase in net sales to 315.5 million Swiss francs in the six-month period to June 30, while net income came to 3.8 million Swiss francs, compared with a net loss of 33.1 million Swiss francs a year earlier.

Other companies to have either launched or announced plans to launch IPOs in recent months include Allbirds, Authentic Brands Group, Poshmark, ThredUp, Warby Parker, Dr Martens and The Hut Group.