NEW YORK — Innerwear manufacturer Maidenform Brands Inc. is making good on its April promise: It plans to sell 10 million shares of company stock in an initial public offering that could raise up to $160 million.According to a regulatory filing with the Securities and Exchange Commission on Monday, the Bayonne, N.J.-based firm estimated the price per share will be between $14 and $16, with existing shareholders selling 6.6 million shares. Its underwriters — UBS Investment Bank, Credit Suisse First Boston and Goldman Sachs & Co. — have the option to buy another 1.5 million shares. Based on the high end of the estimated pricing range, the IPO could generate up to $160 million.The firm is expected to trade under the ticker symbol MFB.The company, which emerged from Chapter 11 bankruptcy court protection in July 1999, told the SEC in April that it would file for an IPO, but at the time didn't disclose its terms. The bankruptcy was necessitated from an overleveraged balance sheet and poor operational performance.According to Monday's filing with the SEC, Maidenform said it intended to use the net proceeds it will receive from the IPO to redeem all outstanding shares of its preferred stock, outstanding options to purchase its preferred stock, as well as pay fees and expenses. "If, as is likely, the net proceeds are not sufficient to fund these uses in full, we intend to draw upon our available cash or our revolving credit facility to fund these uses," the company said in its filing.In May 2004, the majority of Maidenform's common stock was purchased by Ares Corporate Opportunities Fund LP, a private equity fund sponsored by Ares Management, a Los Angeles-based investment firm. Maidenform said it is a different entity than it was prior to 2001. "We have repositioned ourselves as a marketer, rather than a manufacturer, of intimate apparel by increasing the percentage of sourced goods from 40 percent in fiscal 2001 to 84 percent in fiscal 2004," it said in the filing.Maidenform lists as its recent successes the introduction of the Maidenform One Fabulous Fit bra in 2002 and the launch of a modern interpretation of the "I Dreamed ... " campaign in 2003.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion