By Val Kennedy,
Cariloha (ALOHA), a marketer of bamboo-fabric apparel and linens, has downsized its proposed initial public offering by about a third to $20M.
The company said in a filing Friday that it now intends to offer 2M shares priced between $9 to $11. It also plans to offer underwriters an option to purchase up to 300K additional shares.
Cariloha said it plans to use part of the proceeds to help pay down debt.
Last week, Cariloha said that it planned to offer 2.3M shares in the range of $12 to $14, which would have raised approximately $29.9M if priced at the midpoint.
Cariloha is a marketer of bamboo-fabric bedding, bath accessories and apparel. The company has contracts with several major cruise lines, which allow it to promote products to passengers. Cariloha also sells merchandise through its 64 showrooms, website and third-party e-commerce sites such as Amazon and Target.com.
According to SA contributor Donovan Jones, “the primary risk to the company’s outlook is a continuation of the COVID pandemic amid additional variants that depress consumer travel via cruise lines.”
Source : https://seekingalpha.com/news/3799339-cariloha-downsizes-proposed-ipo-by-nearly-30-percent-now-seeks-to-raise-20m?utm_source=feed_news_ipos&utm_medium=referral
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