EVERETT – Zumiez Inc. plans to sell almost 1.9 million shares at $15 to $17 each in its initial public offering, potentially raising nearly $32 million for the youth-oriented clothing retailer’s expansion.
Another 1.25 million shares will be offered for sale by the company’s existing shareholders, but proceeds from those will not benefit the company.
Zumiez, based in Everett, issued the details of its IPO in documents filed Thursday with the U.S. Securities and Exchange Commission. It first announced its plan to go public in February.
The company’s stock could begin trading on the Nasdaq National Market within the next month under the symbol ZUMZ. Wachovia Securities, Piper Jaffray and William Blair &Co. are underwriters for the offering.
Tom Campion and Gary Haakenson, now the mayor of Edmonds, co-founded Zumiez – pronounced “zoomies” – with one north Seattle store in 1978. The company specializes in action sports apparel, shoes and accessories aimed at skateboarders, snowboarders, surfers and bike riders under 24.
It steadily expanded until 2002, when a private investment group acquired a minority share of the company. Since then, the company has grown fast and now operates 140 stores in 18 states. During the past five years, sales also have grown at an annual rate of 27.5 percent.
Zumiez said that by going public and selling stock, it hopes to raise enough money to continue that growth.
The company has turned a profit every year of its existence. In the most recently ended fiscal year, Zumiez’s net sales totaled $153.6 million, producing a net profit of $7.3 million. That was up from a $4.5 million profit the previous year.
Zumiez executives can’t comment on the IPO because of SEC “quiet period” rules.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
