NEW YORK — Michael Kors Holdings Ltd. was priced Wednesday night at $20 a share, coming in above the initially projected $17 to $19 range.
This story first appeared in the December 15, 2011 issue of WWD. Subscribe Today.
The number of shares sold in the secondary offering was 47.2 million, meaning the offering will raise a total of $944 million. At $20 a share, the price values the company at close to $3.8 billion.
As reported, the stock offering was oversubscribed by 10 times, and sales of the stock ceased Tuesday afternoon. Michael Kors Holdings, which will trade on the New York Stock Exchange under the KORS symbol, will commence trading this morning, when Kors, chief executive officer John Idol and partners Silas Chou and Lawrence Stroll are expected to ring the opening bell.
Stroll and Chou bought Kors’ company in 2003, helped grow the business and paved the way to the IPO, as they previously did for Tommy Hilfiger. The initial public offering was underwritten by Morgan Stanley, J.P. Morgan, Goldman, Sachs & Co. and others.
Kors began raising money from private investors this summer.