Lululemon Athletica Inc. in a filing with the Securities & Exchange Commission registered to sell 18.2 million in its initial public offering at prices between $10 and $12. The number of shares to be sold and the pricing range weren't included in a previous filing.
A group of stockholders, including private equity investors Advent International Corp. and Highland Capital Partners, are offering 15.9 million shares in the offering. The remaining 2.3 million shares will be sold by the company.
The company expects to receive about $18.2 million in net proceeds from its portion of the offering. The anticipated proceeds exclude underwriting discounts and offering expenses and assume an offering price of $11, the midpoint of the anticipated range.
Lululemon plans to use the net proceeds, together with cash flow from operations, to fund new store openings and working capital. The company said it budgeted a total of $28 million to $34 million for new store openings in fiscal 2007 and fiscal 2008, although the actual amounts may differ.
Lululemon expects to have 75.3 million shares outstanding after the offering.
The Vancouver-based company principally sells its branded apparel, which is designed for yoga, dance, running and general fitness, through its 57 stores in Canada and the U.S.
For the first quarter of 2007, Lululemon reported earnings of $3.5 million on sales of $44.8 million.
