By  on May 2, 2007

Lululemon Corp. is taking the first steps to an initial public offering.

The Vancouver, British Columbia, yoga line has filed a registration statement with the U.S. Securities and Exchange Commission, and a preliminary prospectus with the securities regulatory authorities in Canada, for an IPO of around $200 million of its common stock.

The proposed offering likely would consist of about $25 million in shares of common stock offered by Lululemon; the remaining shares would come from selling stockholders. The underwriters will have an option to purchase approximately $30 million in common stock from selling stockholders.

Goldman, Sachs & Co. and Merrill Lynch & Co. will be joint bookrunners for the deal. Credit Suisse, UBS Investment Bank, William Blair & Co., CIBC World Markets, Wachovia Securities and Thomas Weisel Partners LLC will be co-managers.

Lululemon declined comment on Tuesday.

In October, the active apparel company said that in the next five years, it planned to expand to more than 240 stores from its approximate 50 stores.

Chairman Chip Wilson founded Lululemon Athletica in 1998 after selling his former company, Westbeach Sports, to Morrow Snowboards in Salem, Ore. Lululemon brought in two private investors, Advent International and Highland Corp., in 2005, and they collectively own 48 percent of the business; Wilson holds a controlling 52 percent.

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