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J.P. Morgan

58 posts
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Wella’s IPO looks like a beauty growth story until the $2.29bn balance-sheet number enters the picture

Wella Company has filed for a New York Stock Exchange IPO after returning to profit and lifting adjusted EBITDA above $520 million. The owner of Wella Professionals, OPI, Clairol and ghd has delivered 22 consecutive quarters of constant-currency growth, but $2.29 billion of debt means the eventual valuation will depend as much on deleveraging as brand strength.
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Bamboo Insurance has $879m of managed premium, but its IPO comes with a $548m debt question

CVC-backed Bamboo Insurance Services has filed for a New York Stock Exchange listing after managed premium approached $879 million and first-half revenue grew 40%. The capital-light insurance model is producing strong adjusted margins, but a $548 million term loan, declining GAAP profit and catastrophe exposure will make the eventual IPO price critical.