Brilliant Earth Group Inc. has raised $115 million in an initial public offering.
The jewelry company’s shares now trade on the Nasdaq Global Market under the ticker symbol BRLT.
Beth Gerstein, CEO of the company, told WWD that the IPO doesn’t fundamentally changes anything about Brilliant Earth’s approach.
“We are growing in a profitable way and are focused on long-term value,” she said. “We will continue with the same position, same focus of really offering design-driven and beautiful products that are joyful, a personalized experience and omnichannel approach.”
Brilliant Earth, which focuses on ethical sourcing of gemstones, in August stated that it has served 370,000 customers through its e-commerce platform and 13 showrooms. The company said at the time that six new showrooms were in the works.
In its IPO, the company sold 9,583,332 shares of its Class A common stock, including the full exercise by the underwriters of their option to purchase 1,249,999 shares of Class A common stock at a price to the public of $12 per share
The stock closed at $13 on Sept. 29.
Brilliant Earth posted net sales of $251.8 million in 2020, with net income of $21.6 million.