Advent’s Shampoo Maker Olaplex Rises After $1.6 Billion IPO (2)

Olaplex Holdings Inc., backed by private equity firm Advent International, rose 17% in its trading debut after its initial public offering beat expectations to raise $1.55 billion.

Shares of the hair-care products maker, which sold for $21 in the IPO and rose as much as 26% Thursday, closed at $24.50 in New York, giving the Santa Barbara, California-based company a market value of $16 billion.

WATCH: Olaplex CEO JuE Wong discusses the hair-care products maker’s IPO, competition, and efforts to address supply chain concerns.

(Source: Bloomberg)

Advent and other Olaplex investors sold 73.7 million shares Wednesday after marketing 67 million for $17 to $19.

Advent was set to control about 80% of the shareholder voting power in the ...