At the recent roadshow, fund managers were told that Step One is profitable, with EBITDA of $ 11 million in fiscal 2021 and an EBITDA margin of around 16 percent.
Total revenue rose more than 170 percent to over $ 60 million in 2021.
The company had 44 percent returning customers and a conversion rate of 10 percent in 2021.
On the roadshow without a deal, Taylor is said to have met with 30 institutions before a possible IPO.
The feedback should be understood as positive, as potential investors are interested in the company’s ESG-oriented orientation, as the underwear is made entirely from organically grown bamboo. As always, whether investors buy stocks or not depends on the price.
The company has Morgans in its corner, and it’s known that a final decision has not been made as to whether to pull the trigger this year or wait until 2022.
Since its inception in 2017, the company has built a pure e-commerce brand and captured around 6 percent of the Australian men’s underwear market.
It was launched in the UK in 2020 and has now captured about 1 percent of a market valued at $ 1.5 billion.
While the launch in the UK went well, fund managers were seen as most interested in Step One’s plans to break into the men’s underwear market in the US, as well as its plans to tap into its already strong female client base (37 percent of its clients) Entry into the women’s underwear market.