G-III Apparel Group, Ltd., an outerwear and sportswear manufacturer, priced an offering of 4,500,000 shares of its common stock at a price to the public of $20 per share. Of these shares, 1,621,000 shares will be sold by the company and 2,879,000 shares will be sold by selling stockholders.
The biggest selling shareholder was Morris Goldfarb,chairman and CEO, who sold 1.3 million shares.
The company, which operates a licensed apparel business, intends to use its proceeds from the offering for general corporate purposes to support the growth of its business. The company will not receive any proceeds from the sale of shares by the selling stockholders.
The company and certain selling stockholders have granted the underwriters an option to purchase an aggregate of 675,000 shares of common stock at the public offering price to cover over-allotments, if any.
The offering is being underwritten by an investment banking group led by Thomas Weisel Partners LLC that also includes Cowen and Company, Lazard Capital Markets and Brean Murray, Carret & Co. Copies of the final prospectus relating to the offering may be obtained from Thomas Weisel Partners LLC, One Montgomery Street, Suite 3700, San Francisco, Calif. 94104, or by calling (415) 364-2500.
