Retailers

Brilliant Earth files for US IPO

Aiming to join the Nasdaq Stock Market, the company has proposed a maximum aggregate offering price of $100m (£72.6m)

Brilliant Earth Group, a jewellery company focused on ethically sourced diamonds and gemstones, has filed for an initial public offering (IPO) in the US.

Aiming to join the Nasdaq Stock Market, the company has proposed a maximum aggregate offering price of $100m (£72.6m).

While the specifics of the listing, including price per share and stock available, are yet to be confirmed, the float will include classes A, B, C, and D of common stock.

Following the offering, the group said in an SEC filing that it will act as a “controlled company” within the meaning of Nasdaq corporate governance rules.

Potential capital raised for the San Francisco-based jewellery firm is also yet to be confirmed, with the offering not yet complete and able to be changed.

According to the filing, Brilliant Earth achieved $252m (£183m) in net sales during FY20, with an adjusted EBITDA margin of 11%.

Beth Gerstein and Eric Grossberg, co-founders of the company, said: “From our first order shipped from my apartment, to over 370,000 customers across all US states and over 50 countries, it’s been an honor to be a part of unforgettable moments in our customers’ lives. 

“We are excited for the next chapter and are grateful to our community, our partners, and our employees—and to you, our investors—for joining us on this journey.”

Back to top button