NEW YORK -- Kenneth Cole Productions' initial public offering was priced at $12 a share last week, falling below the expected price range of $13 to $15 a share.
The footwear and leather goods company raised $19.4 million before underwriting costs from the sale of 1,613,000 shares in the offering. Proceeds from the offering will be used to repay debt, to finance new retail stores and for general corporate purposes.
Management sold another 247,000 shares to net about $3 million before underwriting costs. Sellers included Kenneth Cole, founder, president and chief executive officer; Stanley A. Mayer, executive vice president, chief financial officer, treasurer and secretary, and Paul Alum, senior vice president.
The offering was underwritten by Merrill Lynch & Co. and Lehman Bros.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)