Milan Laser Inc., the profitable Nebraska-based laser hair removal company, has filed to go public. The company has not yet determined how many shares it will offering in its initial public offering, the expected pricing of the IPO or the number of shares expected to be outstanding after the IPO. The company did said it have three classes of common stock. The Class A shares to offered in the IPO will have one per share, while Class B and Class C shares will initially have 10 votes. The company expects its shares to list on the NYSE under the ticker symbol “MLAN.” Goldman Sachs and Jefferies are the underwriters. The company recorded net income of $10.0 million on revenue of $71.8 million during the six months ended June 30, after a loss of $2.7 million on revenue of $27.4 million in the same period a year ago. The filing comes about two months after European Wax Center Inc. went public, and currently has a market capitalization of about $1.76 billion. Milan Laser said in its S-1 filing: “We believe that laser hair removal is a better alternative to other hair removal techniques such as shaving, waxing or sugaring as it uses FDA-cleared lasers, and it is safe, fast (appointments as short as 10 minutes), effective, affordable, and, most importantly, a permanent solution for the reduction of unwanted hair.” The company filed to go public at a time that the Renaissance IPO ETF has run up 10.1% over the past three months while the S&P 500 has gained 2.4%.
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