Business
$92m payday for Adore Beauty co-founders – The Australian Financial Review
The company’s co-founders and major shareholder Quadrant are in for a bonanza when the fast-growing online beauty retailer lists this month.
Fund managers burnt in previous private equity-backed IPOs have questioned Quadrant’s decision to sell down its stake so soon after buying into the business and said they would expect the firm to retain the bulk of its remaining stake for at least a year to give new shareholders confidence in the company’s outlook.
“Adore Beauty is being floated on a revenue multiple like a software company insane!” said one fund manager, who declined to be quoted. “It could be a long-term success but private e…
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