WASHINGTON (dpa-AFX) - Tumi Holdings, Inc., a manufacturer of suitcases and bags for travel, said Wednesday that it has priced its initial public offering of about 18.8 million shares at $18 per share, which is above its previously estimate range of $15 to $17 per share.
The shares are expected to begin trading on the New York Stock Exchange on April 19 under the symbol 'TUMI.'
Tumi is offering about 15.6 million shares and the selling shareholders, which include funds managed by or entities affiliated with Doughty Hanson & Co Managers Ltd., are offering about 3.2 million shares.
The underwriters have a 30-day option to purchase up to an additional about 2.8 million shares from the selling shareholders.
The company will not receive any proceeds from the sale of shares by the selling shareholders.
Tumi expects to receive proceeds, net of underwriters' discount, of about $264.1 million from the offering and plans to use the net proceeds to repurchase all of its preferred stock and a portion of its common stock owned by Doughty Hanson.
Copyright RTT News/dpa-AFX