Duluth Holdings, parent company of Duluth Trading Co., will start trading its shares on the Nasdaq Global Select market on Friday, the company said late Thursday.
The Belleville company, known for its casual and work clothing and accessories, says it will offer 6,666,667 shares of its Class B common stock at an offering price of $12 per share. Underwriters of the offering will be able to buy up to an additional 1 million shares at the initial public offering price.
Net proceeds to Duluth Holdings are expected to be $72.5 million, or $83.7 million, if the underwriters see enough interest for the additional 1 million shares.
The offering price is lower than the company had projected. A filing with federal regulators last week indicated a possible price of $14 to $16 a share.
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Duluth Holdings has said it plans to use the money to repay debt, to cover general corporate expenses, and to significantly expand its retail stores.
While the company conducts much of its sales online, it also has seven retail stores and two outlet stores and says it has identified markets with a potential for 100 store locations.
Founded in 1989, Duluth Trading had 265 full-time and 570 part-time employees, as of Aug. 30, and had sales of $231.9 million in the 2014 fiscal year.