Tilly's sees IPO priced at $11.50-$13.50 per share
(Reuters) - Specialty apparel retailer Tilly's Inc said that it expects its initial public offering of 8 million shares to be priced between $11.50 and $13.50 apiece.
At the mid-point of the range, Tilly's expects to receive about $86.4 million in net proceeds after underwriting discount and expenses.
The company will sell 7.6 million shares, while selling stockholders will sell 400,000 shares.
Tilly's expects to use the proceeds to pay current shareholders of World of Jeans & Tops, through which it sells its merchandise. World of Jeans & Tops will become a wholly owned unit of Tilly's before the offering closes, the company said in a regulatory filing.
The Irvine, California-based company, which operates 145 stores across the United States, has applied to list on the New York Stock Exchange under the symbol "TLYS."
Goldman Sachs & Co, BofA Merrill Lynch, Piper Jaffray, William Blair & Co and Stifel Nicolaus Weisel are underwriting the offering.
(Reporting by Eileen Anupa Soreng in Bangalore; Editing by Roshni Menon)