HYLETE, a Solana Beach, CA company founded in 2012, filed for an initial public offering on Aug. 6. In the 148-page prospectus, the firm, headed by President and CEO Ronald L. Wilson, II, says it want to raise $17.25 million by offering shares at $8-10 apiece that would be listed on the New York Stock Exchange under the ticker, “HYLT.”
In 2018, HYLETE, which focuses on proprietary fabrics and has a broad product offering that includes footwear, generated nearly $11.7 million in revenues but produced a net loss of more than $5 million. Through its HYLETE Project, which develops new products based on customer feedback and input, the company has launched over 45 new products in the last seven years. HYLETE owns a utility patent on a waist-tightening system for cross-training shorts, markets six-in-one backpacks that close in multiple configurations and utilizes a 3-in-1 interchangeable insole system to allow for lifting, cross-training and running in the same shoe.
HYLETE wants to use $2 million of any IPO proceeds to establish a So. California headquarters that will serve as its official “fulfillment meets experiential retail” facility and intends to open its initial East Coast location in early 2020. All brand sales are Direct-To-Consumer or through third-party ecommerce retailers.