Tumi to launch shares offering for up to USD319.3 million

Fashion

Luxury baggage maker Tumi Holdings, Inc. will be the next luxury peer to float in New York Stock Exchange. Tumi plans to sell 18,779,865 shares in a price range of $15 to $17 each under the “Tumi” stock ticker,aiming to fundraise up to

USD319.3 million.

The

luggage maker’s sales increased 31 percent to $330 million last year, while net income surged to $16.6 million from $104,000 in the same period, according to its last filing, released in early April. The company turned a profit for the first time in 2010 since at least 2007, the filing shows.

The company itself will get rid of 17,559,248 shares of the total offering, with selling stockholders selling an additional 1,220,617 shares.

Credit Suisse, Goldman Sachs Group, and J.P.Morgan are leading the offering, while William Blair and Jefferies are also in the syndicate.

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

TUMI