Sports apparel retailer Under Armour sets 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 between $7.50 and $9.50 per share which could net the company has much as $90.2 million in new working capital.
With annual e-commerce sales of $8.5 million, Under Armour, which sells sports apparel to college athletes, professional athletes and the public, will use the proceeds to pay down debt. The IPO, which is being underwritten by Goldman Sachs, CIBC World Markets and Wachovia Securities, will include 9.5 million shares.
Under Amour 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 Under Amour 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 in its most recent S-1 papers.
Back...
