Physicians Formula made its stock market debut Thursday, with shares opening at $20 on the Nasdaq Global Select Market, up from its initial public offering price. Shares closed at $19.72 Thursday.
The mass market beauty firm priced its IPO at $17 a share, in line with its forecasted $15 to $17 range. It raised $127.5 million by offering 7.5 million shares, and plans to use the net proceeds to reduce debt. The shares trade on the Nasdaq under the symbol “FACE.”
The company, based in Azusa, Calif., has a staggering 98 new products slated for 2007. It continues to gain ground in the mass market with mineral-based cosmetics such as Powder Palette and Mineral Wear, and this spring is expected to pick up space lost by Revlon’s Vital Radiance brand. Industry sources estimated the firm’s 2005 net retail volume at $120 million.