Fender ipo stock symbol and shares prices, Fender ipo prospectus : Fender Musical Instruments Corp. on Monday priced its initial public offering of 10.7 million shares at $13 to $15 per share. Fender now expects its IPO to bring in $139.3 million to $160.7 million. When the Scottsdale, Ariz., company filed for an IPO in March it said it expected the offering to be worth about $200 million. Fender is selling 7.1 million shares in its IPO, meaning the company expects to receive $92.9 million to $107.1 million in proceeds before expenses and discounts.The other shares are being sold by owners of Fender stock, and the company won't receive any money from the sale of those shares. The underwriters of the IPO will have an option to buy another 1.6 million shares from those stockholders.
After the IPO, Fender shares will be listed on the Nasdaq Global Select Market under the symbol "FNDR."
JP Morgan Chase, Baird, at Stifel Nicolaus Weisel and Wells Fargo Securities will act as the Fender IPO’s underwriters. The company plans to use approximately $100 million collected from the Fenda IPO to repay debt. Some of debt repayment objects are the underwriters mentioned above, therefore, regulators require Fender to hire a qualified independent underwriter and this role will be played by William Blair & Company.
About Fender Musical Instruments Corp
Fender, founded in 1946 by Leo Fender, is the world’s first company produces Spanish-style solid-body electric guitars in mass quantities, and it was acquired by CBS in 1965. The company’s guitars were used by a group of music legends, including Jimi Hendrix, Eric Clapto, Mark Knopfler and David Gilmour. The company’s musical instrument brands include Stratocaster, Guild, Squier, Gretsch, and EVH.
In 1985, William Schultz, Fender’s CEO of that time, bought the company from CBS with the company’s international distributors. At present, Schultz and his family trust still about a 6% stake in the company. The private equity firm Weston Presidio Capital holds a 43% stake in the company.
As of the fiscal year 2011 ended January, 31, the company realized a net profit of $320 million on revenue of $701 million.
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