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Saturday, April 14, 2012

Tumi Holdings ipo shares prices outlook

Tumi Holdings ipo shares prices outlook, Tumi stock symbol, tumi stock prices, ipo estimates : Tumi Holdings Inc., which is scheduled to debut on the stock market next week, said late Friday that it expects to price its initial public offering at $15 to $17 a share. The luxury luggage maker also plans to offer 1.2 million additional shares than the 17.6 million it had originally planned,

according to a disclosure submitted to the Securities and Exchange Commission. The net proceeds from the IPO is estimated to be around $264.1 million and the company will not be receiving any of the funds, it said. Tumi added that if the IPO price differs from $16 a share, which is the middle of the pricing range, the number of shares offered could change.

At the midpoint of the expected price range, Tumi will raise about $301 million in gross proceeds. South Plainfield, New Jersey-based Tumi will offer about 17.6 million shares in the IPO, while selling shareholders will offer the rest.

The company, which is backed by European private equity group Doughty Hanson, posted net sales of $330 million on operating income of $60.4 million for the year ended December 31, 2011.

Tumi will use the proceeds from the offering to buy back its preferred stock from shareholders.

The company, which sells its products through multiple channels including retail, wholesale and e-commerce, said it expects to open 8 to 16 company-owned stores in each of the next three years.

Goldman Sachs, Credit Suisse and J.P.Morgan are lead underwriters to the offering. Tumi expects to list its shares on the New York Stock Exchange under the ticker symbol "TUMI."

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