TPG-backed e.l.f. ups ante in IPO, closes first day up 56%
September 23, 2016
Budget cosmetics brand e.l.f. Beauty (NYSE: ELF) planned to raise $141 million with its IPO by selling 8.3 million shares at $17 each, $1 above the top end of the originally planned range of $14 to $16. The company's stock opened trading at $24 per share Thursday and closed the day at $26.50, a 56% uptick from the IPO price, netting the company $220 million and establishing a valuation of approximately $1.18 billion. TPG Growth owned a 56.8% pre-IPO stake in e.l.f., which it first backed in 2011.