Under Armour increases its IPO terms
Under Armour Inc., a multi-channel retailer and marketer of sports apparel, has set the terms of its initial public offering at $13 per share, which could net the company as much as $157 million in new working capital. The new price of $13 is up from a previously announced range of $7.50 to $9.50 per share.
Under Armour is best known for the tight-fitting undergarments athletes wear under their uniforms. The company sells its products through a network of more than 8,000 retailers, but also operates three e-commerce sites and its own network of four outlet stores.
The web accounts for about 4% of the company’s total annual sales of $205.1 million, Under Armour says.
The IPO is being underwritten by Goldman Sachs, CIBC World Markets and Wachovia Securities. The company will use the proceeds to pay down debt and for general corporate purposes.
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