Skullcandy Seeks to Raise $158.3 Million in Initial Offering
Skullcandy Inc., the maker of fashion headphones, seeks as much as $158.3 million in a U.S. initial public offering.
The Park City, Utah-based company is offering 8.33 million shares for $17 to $19 each, according to a filing today with the U.S. Securities and Exchange Commission. The IPO will price on July 19, according to data compiled by Bloomberg.
Skullcandy joins Zillow Inc. and SunCoke Energy Inc. in setting IPO price ranges today after companies in the three months through June filed for initial offerings at the fastest pace since 2007, according to Bloomberg data. The companies are moving ahead with their offerings after the number of completed U.S. IPOs in the first half matched the highest in four years.
Half of the shares in the offering will be sold by Skullcandy, with the other half sold by investors including founder Rick Alden, Chief Executive Officer Jeremy Andrus, New York-based Goode Partners LLC and Salt Lake City-based Mercato Partners, the filing showed.
There were 112 U.S. IPOs completed in the January-June period, the same number as were priced in the second half of last year and the most since the last six months of 2007, Bloomberg data show.
Net sales at Skullcandy increased 66 percent to $36 million in the three months through March 31 from a year earlier, and net income was $1.1 million versus a loss of $801,000, the filing shows. The $18 midpoint of the offering would value the company at $482 million.
The shares will trade on the Nasdaq Stock Market under the symbol SKUL. Bank of America Corp. (BAC) and Morgan Stanley (MS) are leading the offering. The timing of the IPO is subject to change based on market conditions and demand for the shares.