Fashion retailer J.Crew Group Inc announced the pricing of its initial public offering of 18,800,000 shares of common stock, at a price of $20.00 per share. The shares will be listed on the New York Stock Exchange and will trade under the symbol "JCG" beginning June 28, 2006.
The 18,800,000 shares will be sold by the Company. The underwriters have an option to purchase up to an additional 2,820,000 shares from the Company at the initial public offering price less the underwriting discount, to cover over-allotments.
The Company expects to receive net proceeds of approximately $351.6 million from the offering and intends to use the net proceeds, along with $73.5 million in additional proceeds from the private sale of common stock to the Company's largest shareholder, private equity firm Texas Pacific Group, and cash on hand of $8.4 million to redeem the Company's preferred stock.
If the underwriters exercise their option to purchase additional shares, the Company intends to use the additional net proceeds of approximately $49.0 million to pay down borrowings under its term loan. Goldman, Sachs & Co. and Bear, Stearns & Co. Inc. have acted as joint book-running managers for the offering.
J.Crew Group Inc is a nationally recognized multi-channel retailer of women's and men's apparel, shoes and accessories. It operates 164 retail stores, the J.Crew catalog business, jcrew.com, and 45 factory outlet stores.
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-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
