Duluth Holdings, which sells workwear and other apparel through its website, catalog and retail stores, announced terms for its IPO on Monday.
The Belleville, WI-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Duluth Holdings would command a fully diluted market value of $469 million.
The company primarily sells its clothing through www.duluthtrading.com, its catalog and eight retail store. Duluth has had 24 consecutive quarters of year-over-year net sales growth. The company claims it is differentiated through a humorous marketing strategy that features characters such as Giant Angry Beaver, Buck Naked Guy and Grab-Happy Grizzly.
Bricks and mortar workwear retailer Boot Barn Holdings (BOOT) went public in October 2014 and now trades 1% below its offer price, after falling over 50% since July. Ollie's Bargain Outlet Holdings (OLLI), popped 32% on the day of its July 2015 IPO, but now trades 7% above the offer price.
Duluth Holdings, which was founded in 1989 and booked $261 million in sales for the 12 months ended August 2, 2015, plans to list on the Nasdaq under the symbol DLTH. William Blair, Baird, Raymond James and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2015.
