Premium luggage maker and lifestyle brand Tumi Holdings Inc. (NYSE: TUMI) priced its IPO at $18/share, a buck above the projected range. The really good news for the company is that the price jumped to a high of $26.80 before pulling back a little to $25.70.
The company expects to raise about $264 million in net proceeds and plans to use the cash to buy back all its preferred shares and some of the common stock owned by European private equity firm Doughty Hanson & Co Managers Ltd.
Tumi’s IPO is one of two hot offerings this morning. We covered the Splunk Inc. (NASDAQ: SPLK) IPO earlier today.