Vancouver-based Yoga and fitness apparel company Lululemon Athletica Inc cut down the size of its initial public share to 16.4 million yesterday.
The company took this step because a group of stockholders, including private equity investors Advent International Corp and Highland Capital Partners, reduced the number of shares they plan to sell.
The investors plan to sell 14.1 million shares, down from a previous plan of selling 15.9 million. The company said it still expects to sell about 2.3 million.
According to a regulatory filing with the US Securities and Exchange Commission, the company said it expects to have 75.3 million shares outstanding after the offering.
Lululemon, which is concurrently offering its common stock in Canada, expects the offering to cost between US $10 and $12 per share. The company also plans to list its shares on the Nasdaq stock market under the symbol LULU and on the Toronto Stock Exchange under LLL. Lululemon will use the proceeds to fund new store openings and working capital.
marketing@alchempro.com
