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Companies and Brands

Tumi Sets IPO Terms, Another Luxury Goods Coming Public

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By Jon C. Ogg Updated Published

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Luxury baggage maker Tumi Holdings, Inc. has set the terms for its proposed initial public offering.  The company now plans to sell 18,779,865 shares in a price range of $15 to $17 each and it is listing its shares on the New York Stock Exchange under the “TUMI” stock ticker.

The company itself is selling 17,559,248 shares of the total offering, with selling stockholders selling an additional 1,220,617 shares. Tumi plans to use the proceeds from the offering to purchase preferred shares from shareholders.

Credit Suisse, Goldman Sachs Group, and J.P.Morgan are leading the group of underwriters in this offering; William Blair and Jefferies are also in the syndicate. In 2011, Tumi’s sales were roughly $330 million and its operating income was more than $60 million.

The total number of shares being registered including the overallotment option is 21,596,845 shares.  The company will continue to be controlled by funds managed by or entities affiliated with Doughty Hanson & Co Managers Limited.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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