Footwear manufacturer Crocs Inc has announced that its initial public offering of 9,900,000 shares of common stock has been priced at $21.00 per share.
Crocs is offering 4,950,000 shares of common stock and selling stockholders are offering the remaining 4,950,000 shares. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,485,000 shares at the initial public offering price to cover over-allotments.
The company will not receive any of the proceeds from the sale of shares by the selling stockholders. Crocs Inc common stock will be listed on the NASDAQ National Market under the symbol 'CROX.'
Piper Jaffray and Thomas Weisel Partners LLC are serving as joint book runners with SG Cowen & Co, BB&T Capital Markets, D.A. Davidson & Co and Wedbush Morgan Securities serving as co-managers for the offering.
Crocs Inc is a rapidly growing designer, manufacturer and marketer of footwear for men, women and children under the CROCS brand. All of the company's footwear products incorporate its proprietary closed-cell resin material, which the company believes represents a substantial innovation in footwear comfort and functionality.
The company's proprietary closed-cell resin, which it refers to as Croslite(TM) enables Crocs to produce a soft and lightweight, non-marking, slip - and odor-resistant shoe. These unique properties make the company's footwear ideal for casual wear, as well as for recreational uses such as boating, hiking, fishing and gardening.
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