Skullcandy filed another amendment to their S-1 today with many of the blank spaces from the previous iterations of it filled in as the next step in their initial public offering. It appears they postponed it due a rough patch in the market. Smart.
They list the maximum offering price as $19 a share. They are registering 9,583,334 shares and if they sell all of those, the offering will raise a bit over $182 million. But that includes the underwriters optional over allotment of 1,250,000 shares and is before expenses.
A big chunk of the proceeds go to the selling shareholders rather than the company. After underwriting discounts, commissions, and estimated expenses, the company expects to net about $66.6 million assuming a sale price of $18 a share.
$16.7 million will be used to pay off their unsecured, subordinated promissory notes. They’ll pay $17.5 million in “additional consideration…pursuant to our securities purchase and redemption agreement.” $4.4 million will be paid in accrued interest that has to be paid when the notes are converted.
That leaves $28 million for “general corporate purposes,” as the saying goes.
This will clean up their balance sheet nicely. Proceeds, of course, could vary depending on how many shares are sold and at what price.
I hope this is the final amendment and I can get onto reading about Tilly’s IPO.
So Tilly is doing well? There are allot of folks shopping there!
My initial read is that Tilly’s is doing just fine. But Ihaven’t really read their whole S-1 filing yet. Obviously they are doing well enough to convince an investment banker or two to sign up for the ipo.