Apollo-backed jewelry retailer Claire's files for IPO
(Reuters) - Private equity-backed jewelry and accessories retailer Claire's Inc filed with regulators to raise up to $100 million in an initial public offering of its common stock.
The company, which was taken private by Apollo Management LP for about $3.1 billion in 2007, said it intends to list its stock on the New York Stock Exchange under the symbol "CLRS".
Funds backed by Apollo have a 97.7 percent stake in the company, according to the filing. (r.reuters.com/bed87t)
The amount of money a company says it plans to raise in its first IPO filing is a placeholder used to calculate registration fees. The final size of the IPO could be different.
The company, which reported net sales of $1.56 billion in fiscal 2012, plans to use proceeds from the IPO to repay debt. It had 3,477 global stores as of February 2.
The filing did not list underwriters and did not reveal how many shares the company planned to sell or their expected price.
(Reporting by Aman Shah in Bangalore; Editing by Anil D'Silva)