Torrid (CURV) Files IPO

Torrid Inc filed a $100 million IPO. Shares would list on the NYSE under ticker CURV.

Underwriters include: BofA Merrill Lynch, Morgan Stanley, Goldman Sachs & Co. LLC, J.P. Morgan, Jefferies, Baird, Telsey Advisory Group, and William Blair.

"Torrid is the industry-leading and fastest growing branded omni-channel retailer of apparel, intimates and accessories for young, plus-size women in North America. Our mission is to grow our leadership position in this market by providing our customers with a broad assortment of high-quality, carefully-fitted apparel, intimates and accessories that is unapologetically young, sexy and fashionable. Our target customer is a 25 to 40 year old woman who is curvy and wears sizes 10 to 30. We believe our customer values the convenience and appeal of our curated presentation of merchandise that helps her be stylish for any occasion, including casual, work and dressy, at accessible price points. We believe we offer the young, plus-size woman both a product selection and a customer experience that have not previously been available to her. This offering makes us her favorite shopping destination and presents the opportunity to capture a significant portion of an underserved and growing market. Our differentiated approach and distinctive assortment have resulted in a highly loyal customer base and strong growth in our business. We have delivered 21 consecutive quarters of industry-leading comparable brand sales growth (averaging 27% over the three years ended January 28, 2017), a compound annual growth rate (“CAGR”) in Torrid brand net sales of 44% for the three years ended January 28, 2017, fiscal year 2016 net loss of $29.1 million and fiscal year 2016 Adjusted EBITDA of $86.0 million."

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