Canadian yoga-apparel maker Lululemon Corp. announced plans Tuesday for a $200-million initial public offering of common shares.
The company plans to apply to list its shares on the Nasdaq Stock Market under 'LULU' and on the Toronto Stock Exchange under 'LLL.'
Lululemon, with stores already scattered throughout North America and Asia, said the issue is expected to consist of $25 million worth of shares offered by Lululemon with the rest offered by selling stockholders.
The underwriters, led by Goldman Sachs and Merrill Lynch, will have the option to purchase up to $30 million of additional shares from the selling investors.
Credit Suisse, UBS Investment Bank, William Blair & Co., CIBC World Markets, Wachovia Securities, and Thomas Weisel Partners LLC are also assisting in the underwriting.
The company, based out of Vancouver, B.C., designs and retails yoga-inspired clothing and accessories.
Lululemon currently employs 650 people and has 52 locations -- including 12 in the U.S., one in Australia and two in Japan.
In their last fiscal year, the company earned $7.7 million on $148.9 million of net revenue.
In 2007, Lululemon plans to expand with 25 new stores in the United States.
With files from The Canadian Press
