Tilly's, a specialty retailer of West Coast-inspired apparel, footwear and accessories, announced terms for its IPO on Monday. The Irvine, CA-based company plans to raise $100 million by offering 8.0 million shares (5% insider) at a price range of $11.50 to $13.50. At the midpoint of the proposed range, Tilly's would command a market value of $345 million.
Since 2008, the number of stores has increased from 61 to 145. Sales increased 20% to $401 million for the 12 months ended 1/28/2012 (comparable store sales growth was 11%), and net income rose 41% to $34 million. Preliminary results for the quarter ended 4/21/12 show comparable store sales growth of 4%.
The selling shareholders are trusts of the founders, Hezy Shaked and Tilly Levine. Shaked, the Chief Strategy Office and Chairman of the Board, will have 76% voting power after the offering. Tilly's, which was founded in 1984, plans to list on the NYSE under the symbol TLYS. Goldman Sachs, BofA Merrill Lynch and Piper Jaffray are the joint bookrunners on the deal.
