UPDATE 1-Tumi Holdings files for IPO of up to $300 mln

Tue Dec 13, 2011 3:40pm EST

* To list common stock under the symbol "TUMI"

* Names Goldman Sachs and Credit Suisse as underwriters

Dec 13 (Reuters) - Tumi Holdings Inc, a maker of luxury baggage and accessories, filed with U.S. regulators on Tuesday to raise up to $300 million in an initial public offering of its common stock.

In a filing with the U.S. Securities and Exchange Commission, the New Jersey-based company said Goldman, Sachs & Co and Credit Suisse would underwrite the offering.

The company, founded in 1975 and backed by European private equity group Doughty Hanson group, intends to list its common stock under the symbol "TUMI", but did not reveal the exchange it would list on.

For the twelve months ended Sept. 25, the company posted net sales of $312.8 million and operating income of $55.9 million, according to the filing.

Tumi distributes its products in over 65 countries through about 1,600 points of distribution, the filing said.

The filing did not disclose how many shares the company planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video