Torrid (CURV) began trading on the NYSE on Thur 1 July 21

Torrid was purchased by private equity firm Sycamore Partners in 2013 as part of its acquisition of parent company Hot Topic for approximately $600 million.

In 2015, Torrid branched off from Hot Topic to become Torrid, LLC.

Torrid is the largest direct-to-consumer retailer of plus-sized women's clothing in the U.S.

• Sector(s): Consumer Cyclical
• Industry: Apparel Retail
• Full Time Employees: 2,047
• Headquartered in City of Industry, California
• http://www.torrid.com

The company sold 11 million shares priced at $21 each, the high end of a proposed range of $18 to $21, after upsizing the deal from an earlier plan to offer 8 million shares. The company raised $231 million at a valuation of $2.3 billion, based on 110 million shares expected to be outstanding after the deal closes.

 

Torrid's Liz Muñoz started as a patternmaker. Now she's a CEO. 

 

Torrid’s Chief Executive Elizabeth Muñoz has served in the role since 2018. Chief Financial Officer George Wehlitz, Jr. has been in the position since January 2021, though he has led the company’s finance operations since 2013, when he became chief financial officer of legacy parent company Hot Topic.

 

There were 608 Torrid stores as of May 1, 2021, with e-commerce representing 48% of sales in 2019 and 70% of sales in 2020. Torrid stores had to shutter temporarily last year due to COVID-19.

Torrid also has a rewards program that allows it to collect data to better serve and target its customers. In 2020, 95% of net sales were attributable to loyalty members.

Torrid is going public as the body-positive movement creates a tailwind for more inclusive fashions and marketing

Torrid’s target market are women between the ages of 25 and 40. More than half (58%) of Torrid’s customers in 2020 were younger than 40 and the average size worn was 18. The company also says the ethnic composition of its customers is in line with the U.S. population.

Data furnished by Torrid puts the U.S. women’s plus-size apparel and intimates market at $85 billion. This includes 90 million plus-size women wearing sizes 10 and up. Data from market intelligence platform Edited forecasts that this category will grow to $697 billion by 2027.

IPOs this week : June 28 - July 2, 2021 (wk 26)

IPOs expected to price

• DingDong (NYSE:DDL), 

• SentinelOne (NYSE:S), 

• Intapp (NASDAQ:INTA), 

• Xometry (NASDAQ:XMTR), 

• Integral Ad Science Holding (NASDAQ:IAS), 

• CVRx (NASDAQ:CVRX), 

• D-Market Elektronik Hizmetler ve Ticaret (NASDAQ:HEPS), 

• Krispy Kreme (DNUT) and 

• Torrid Holdings (NYSE:CURV). 

Across the Pacific, the XPeng (NYSE:XPEV) listing in Hong Kong will be priced next week at the lower end of the international offer price or at HK$180, whichever is lower.

Krispy Kreme IPO preview: Krispy Kreme (DNUT) is making its second run as a publicly-traded company. Krispy Kreme will raise about $600M at the midpoint of its expected pricing range and have a valuation of around $3.8B."Krispy Kreme's story has changed over the years, and expanded beyond the company's original product lines to include a broader reaching product assortment (doughnuts, coffee, packaged goods, and its Insomnia Cookies brand subsidiary) and global footprint (domestic/international company-operated & franchised units, distribution, and retail business)," updates MKM Partners analyst Brett Levy on the IPO.

Torrid IPO preview: Torrid Holdings (CURV) plans to offer 8M shares in a price range of $18 to $21. Torrid is the largest direct-to-consumer brand of women’s plus-size apparel and intimates in North America. Torrid has over 600 stores in operation across 36 U.S. states. The IPO is the first for the mall sector in over two years.