Investor Alert

Sept. 23, 2021, 8:09 a.m. EDT

Brilliant Earth halves offering in IPO, which priced well below expected range

Brilliant Earth Group Inc.'s stock (NAS:BRLT) is slated to start trading Thursday, as the California-based jewelry company's downsized initial public offering priced overnight at $12 a share, well below the expected range of between $14 and $16 a share. The company raised $100 million as it sold 8.33 million shares in the IPO, half the previously expected offering of 16.67 million shares. The IPO pricing valued the company at about $1.1 billion. The stock is expected to begin trading on the Nasdaq some time after the opening bell, under the ticker symbol "BRLT." The company is going public along with several other companies, including Remitly Global Inc. (NAS:RELY) , Sovos Brands Inc. (NAS:SOVO) , EngageSmart Inc. (NYS:ESMT) and Sterling Check Corp. (NAS:STER) . The Renaissance IPO ETF (PSE:IPO) has gained 5.4% over the past three months while the S&P 500 (S&P:SPX) has tacked on 3.6%.

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