NEW YORK — Dick’s Sporting Goods Inc. plans to kick off life as a public company in a few weeks, and hopes to score net proceeds of $60.9 million in the process.
The Pittsburgh-based retailer, in a filing with the Securities and Exchange Commission, said it expects its initial public offering of 8.4 million shares to be priced at $14 to $18 a share.
The IPO is expected to take place the week of Sept. 30.
Dick’s is selling 4.2 million shares while selling shareholders are offering up the other 4.2 million. The 134-door chain spanning 24 states will use the proceeds of its sale to pay down debt, open new stores and for general corporate purposes. The firm expects to be listed on the New York Stock Exchange under the “DKS” ticker symbol.
Merrill Lynch & Co. and Goldman, Sachs & Co. are leading the offering, which also includes two other underwriters. The banks carry the option to buy 1.3 million shares from selling shareholders to cover overallotments.
For the year ended Feb. 2, the firm’s profits shot up 171.6 percent to $23.5 million. Sales for the 12 months jumped 20.3 percent to $1.07 billion. Comparable-store sales climbed 3.6 percent. During the year, apparel accounted for 20 percent of the retailer’s revenues.