MAV Beauty Brands, Inc. raised $242 million CAD ($182 million) in its initial public offering, reports Bloomberg.
Founded by Marc Anthony Venere, the company priced its shares at $14 CAD each, sources close to the sale told the publication. The sale was led by Canadian Imperial Bank of Commerce, Royal Bank of Canada and Jefferies Securities, Inc.
Related: Marc Anthony Acquires Cake Beauty
Proceeds from the sale will be combined with borrowings from a new credit facility to retire the company’s outstanding debt, per a regulatory filing. The company is expected to list on the Toronto Stock Exchange under the symbol "MAV."
Marc Anthony was acquired by U.S.-based private equity firm TA Associates Management in 2016 for around $230 million CAD. In early 2018, it acquired Canadian hair and skin care brand Cake Beauty.