Omaha-based Gordmans Stores Inc. will put up more than 3 million shares in a public offering, the apparel and home d้cor retailer announced Monday.
Only 40,000 of the shares are held by Gordmans, with the rest held by existing stockholders.
Selling stockholder Sun Gordmans LP is giving the underwriters a 30-day option to buy up to about 456,500 shares to cover excess demand.
Piper Jaffray & Co. and Wells Fargo Securities are jointly the lead underwriters.
Gordmans has about 19 million shares outstanding, which means the sale would involve about 15 percent of the company’s shares. At Monday’s price of $18.48 per share, the 3 million shares of stock to be sold would be worth about $55 million.
The company, which has its shares listed on the Nasdaq Global Select Market under the ticker symbol “GMAN,” had its initial public offering on Aug. 5, 2010, of 5,357,143 shares of common stock at a price of $11 per share.
Earlier this month Gordmans reported an 11 percent jump in first-quarter profit, thanks in part to opening new retail stores. The company plans to open nine new stores this year.
Gordmans Stores Inc. runs 78 stores in 18 states, mostly in the Midwest.
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