Sock Company Bombas Eyes Possible IPO

Sock and apparel maker Bombas is looking into a U.S. initial public offering (IPO), according to a Monday (Feb. 14) Bloomberg report. The company might pursue that this year, according to an anonymous source, and Bombas has talked with potential underwriters. However…

the targeted valuation and timeline for this haven’t been revealed, and the retailer might also choose to stay private or go for something else.

Co-founded by CEO David Heath and Chief Brand Officer Randy Goldberg, the company claims to donate a clothing item for every item purchased by a customer. Per Bloomberg, Bombas has donated over 50 million pieces of clothing to help the homeless.

The company’s investors include Great Hill Partners, Irving Investors, Vanterra Capital and Third Point Ventures, according to Pitchbook.

IPOs haven’t been doing too well lately, as the once-bustling scene has been “put on ice” thanks to Wall Street’s concerns over recent market volatility, PYMNTS reported earlier this month. More startups have looked to private equity for funding, resulting in public listings being delayed or canceled entirely.

Industry experts say it might be months before any of this changes, so for now, there is likely to be more freefalling values and wild market swings. However, private fundraisings are still doing well and closing deals.

The report says data shows only 13 companies notched $2.1 billion in the U.S. in IPOs this year, compared to last year when they raised almost $20 billion. The biggest success was TPG, a private equity firm, which got funds over $250 million.

“The one thing [the IPO market] struggles with the most is the uncertainty…

 

Continue reading at PYMNTS.com

 

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