Sep 13, 2021
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A.K.A. aims to raise up to $263.9 million with IPO

Sep 13, 2021

A.K.A. Brands Holding Corp., a San Francisco-based company specialized in digital-native fashion brands targeting millennial and Gen-Z consumers, has set the terms of its initial public offering, revealing that it expects to raise up to $263.9 million when it makes its debut on the New York Stock Exchange.

A.K.A.'s brand portfolio includes Princess Polly, Culture Kings and Petal & Pup - Instagram: @princesspollyboutique

The company, which owns the Princess Polly, Culture Kings, Petal & Pup and Rebdolls brands, revealed on Monday that it will offer some 13.89 million shares, which it expects to sell for between $17 and $19 apiece. Following the IPO, there are expected to be 129.59 million shares outstanding.
According to MarketWatch, the move could value A.K.A. at up to $2.46 billion. The company is expected to trade on the New York Stock Exchange under the ticker symbol “AKA,” with BofA Securities, Credit Suisse and Jefferies acting as the lead underwriters for the IPO.

A.K.A. first announced that it would be launching an IPO at the end of August, when it also reported that it had achieved net income of $14.8 million on revenue of $215.9 million in 2020. This compares to earnings of $1.4 million on revenue of $102.4 million in 2019.
Founded in 2018, the company has been working with the back backing of investment firm Summit Partners to acquire digital fashion brands with strong growth potential, a solid track record and the capacity to expand into new markets.
One of A.K.A.’s most recent acquisitions was Brisbane, Australia-based multibrand streetwear retailer Culture Kings, which the company picked up for an undisclosed sum in April of this year.

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