Bare Escentuals Inc., a maker of cosmetics, skin care and body care products, said on Friday it plans to raise up to $287.5 million in an initial public offering of common stock.
The San Francisco company said in a preliminary registration statement with the U.S. Securities and Exchange Commission that Goldman Sachs & Co. and CIBC World Markets will be the lead underwriters for the IPO.
Banc of America Securities LLC, Piper Jaffray, and Thomas Weisel Partners will assist in the underwriting.
Bare Escentuals, which makes mineral-based cosmetics, sells its products under the brand names i.d. bareMinerals, i.d., RareMinerals, Bare Escentuals, and md formulations.
For the three months ended April 2, the company earned $14.6 million on $89.9 million of net sales. For the year-earlier period, the company earned $829,000 on $50.6 million of net sales.
Bare Escentuals will use the net proceeds from the offering, which it estimates at $231.5 million, to repay debt, make contributions to its operating subsidiary Bare Escentuals Beauty Inc., and to make payments of consideration for the termination of management agreements.
The company intends to list its stock on the Nasdaq Global Select Market under the symbol "BARE" (BARE.O: Quote, Profile, Research).
