FRANKFURT, March 24 (Reuters) - German fashion house Tom Tailor generated 143 million euros ($192.2 million) in gross proceeds from an initial public offering, which it plans to use to expand its business and pay off debt.
Tom Tailor, which compares itself to fashion brands like Zara, H&M and Esprit, said late on Wednesday the total issuing volume amounted to 164.45 million euros, including an over allotment of 21.45 million euros.
It said it issued 12.65 million shares at 13 euros a piece, hitting the middle of its price range of 11-15 euros.
The company makes casual wear for men, women and children which it sells in its own 87 stores, various franchise stores as well as shop-in-shop and other selling points.
It plans to expand this network with the proceeds from the IPO but the majority of the targeted 140 million euros from the capital increase will be used to pay down debt, which stood at 180 million euros at the end of 2009.
It said last week that shareholders could expect a dividend payout of up to 40 percent of annual profit.
Tom Tailor's IPO follows the listing of German cable company Kabel Deutschland, which went public on Monday and raised 759 million euros in its initial public offering.
A third company, Brenntag -- the world's largest chemical distributor -- will make its debut on the Frankfurt stock market on March 29.
(Reporting by Nicola Leske; Editing by Tim Dobbyn) ($1=.7439 Euro) Keywords: TOMTAILOR/IPO (nicola.leske@thomsonreuters.com; +49 69 7565 1214; Reuters Messaging: nicola.leske.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Tom Tailor, which compares itself to fashion brands like Zara, H&M and Esprit, said late on Wednesday the total issuing volume amounted to 164.45 million euros, including an over allotment of 21.45 million euros.
It said it issued 12.65 million shares at 13 euros a piece, hitting the middle of its price range of 11-15 euros.
The company makes casual wear for men, women and children which it sells in its own 87 stores, various franchise stores as well as shop-in-shop and other selling points.
It plans to expand this network with the proceeds from the IPO but the majority of the targeted 140 million euros from the capital increase will be used to pay down debt, which stood at 180 million euros at the end of 2009.
It said last week that shareholders could expect a dividend payout of up to 40 percent of annual profit.
Tom Tailor's IPO follows the listing of German cable company Kabel Deutschland, which went public on Monday and raised 759 million euros in its initial public offering.
A third company, Brenntag -- the world's largest chemical distributor -- will make its debut on the Frankfurt stock market on March 29.
(Reporting by Nicola Leske; Editing by Tim Dobbyn) ($1=.7439 Euro) Keywords: TOMTAILOR/IPO (nicola.leske@thomsonreuters.com; +49 69 7565 1214; Reuters Messaging: nicola.leske.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.