Skullcandy Raises $188.8 Million in U.S. Initial Public Offering
Skullcandy Inc., the maker of fashion headphones, raised $188.8 million in an expanded U.S. initial public offering after increasing the number of shares and pricing them above the marketed range.
The Park City, Utah-based company sold 9.44 million shares at $20 each, according to data compiled by Bloomberg, after offering 8.33 million for $17 to $19 apiece. The shares will trade on the Nasdaq Stock Market under the symbol SKUL, according to a regulatory filing.
The company planned to sell about half of the shares in the offering, 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, according to a filing with the U.S. Securities and Exchange Commission.
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 compared with a loss of $801,000, the filing shows. At the offer price, the company has a market value of $535.6 million, based on the number of shares outstanding after the IPO listed in the filing.
To contact the reporter on this story: Lee Spears in New York at email@example.com
To contact the editor responsible for this story: Jennifer Sondag at firstname.lastname@example.org