The Orange County based fashion retailer Tilly's, Inc. has filed an amended registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. Tilly's plans to sell 8 million common and sees
an offering price of $11.50 - $13.50 per share.
the last five years, we have demonstrated an ability to grow rapidly, having more than doubled our store count while entering 29 new markets," the company stated in its filing.
In a regulatory filing with the Securities and Exchange Commission on 23rd April, the company stated that it is planning to offer 8 million shares in stock priced between $11.50 and $13.50. At the midpoint – $12.50 – the company would raise $100 million.
The offering is being made through Goldman, Sachs & Co., BofA Merrill Lynch, Piper Jaffray, William Blair & Company, and Stifel Nicolaus Weisel. Its proposed ticker symbol on New York Stock Exchange will be TLYS.
Tilly's, which was incorporated in May 2011 to reorganize the corporate structure of World of Jeans & Tops, stated that it plans to use $84 million of the net proceeds to pay World of Jeans & Tops shareholders, and that Jeans & Tops will become a wholly owned subsidiary of Tilly's Inc. The company first filed for an initial public offering in July.
In 2011, net sales rose 20 percent to $400.6 million from $332.6 million in 2010; in the same period, operating income increased 40 percent to $34.9 million from $24.9 million; and comparable store sales rose 10.7 percent in 2011 after a 6.7 percent increase in 2010. "Over the last five years we have invested over $20 million in our highly automated distribution center and information systems to support our future growth."