Golfsmith International Holdings tees up an IPO
Multi-channel retailer Golfsmith International Holdings Inc. has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. The company expects to offer all shares and will give underwriters a 30-day option to buy additional shares up to 15% of the total offering size.
The company intends to repay outstanding debt from the proceeds of the IPO. Merrill Lynch & Co. and JPMorgan are joint book-running managers for the offering. Lazard Capital Markets will act as co-manager.
Golfsmith International believes it is well-positioned in the golf industry to capitalize on the expected growth of Internet sales because of its Internet site functionality, 39-year history as a direct-to-consumer retailer and ability to leverage inventory across its supply chain to fill orders, the company says in its SEC filing. Additionally, it believes its catalogs—it sends out more than 10 million annually—will continue to be a key driver of Internet sales growth, the company adds.
Golfsmith International Holdings, No. 198 in the Internet Retailer Top 400 Guide to Retail Web Sites, is a specialty retailer of golf and tennis equipment, apparel and accessories. It runs 52 stores across the United States along with numerous catalogs and its e-commerce site, Golfsmith.com.
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