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ELF Beauty prices IPO at $17, above indicated $14-$16 range -source

Sept 21 Budget cosmetics company ELF Beauty Inc priced its initial public offering (IPO) above expectations on Wednesday, raising $141 million in the United States, according to a person familiar with the matter.

Founded in 2004 by father-son entrepreneurs Alan and Joey Shama, ELF Beauty is among the growth-oriented brands that have sprung up in recent years to capitalize on the struggles of some older rivals to capture the interest of millennial shoppers.

ELF priced 8.3 million shares at $17 on Wednesday, above its indicated range of $14 and $16, said the source, who asked not to be identified because the information is not yet public.

A spokeswoman for ELF declined to comment. (Reporting by Lauren Hirsch in New York; Editing by Matthew Lewis)

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