Kidpik Corp., the subscription-based children’s wear e-commerce company, is going public.
On Wednesday evening the New York-based company announced the pricing of an initial public offering of 2,117,647 shares of common stock at $8.50 per share, for aggregate gross proceeds of approximately $18 million, prior to deducting underwriting discounts, commissions and offering expenses, and excluding any exercise of the underwriters’ option to purchase additional securities.
Trading is expected to commence today on NASDAQ. According to the announcement, Kidpik has granted the underwriters a 45-day option to purchase up to an additional 317,647 shares of common stock solely to cover over-allotments at the public offering price less the underwriting discounts and commissions.
Kidpik has received approval to list its common stock on the Nasdaq Capital Market, under the ticker symbol “PIK.” The offering is expected to close on Nov. 15, 2021, subject to satisfaction of customary closing conditions.
EF Hutton, a division of Benchmark Investments LLC, is acting as sole book-running manager for the offering.
Subscribers to Kidpik, which was founded in 2016, receive mix-and-match outfits under the Kidpik label, which designed in-house. Kidpik boxes containing fashion, footwear and accessories are sent out every four, six or 12 weeks, depending on what parents sign up for. Kidpik employs fashion stylists with proprietary data science and technology to personalize shipments based on a questionnaire filled out upon subscribing and data from purchases. Kidpik also sells through its e-commerce website.