Luggage Maker Tumi Files for $300M IPO

Tumi Holdings Inc., a maker of luggage and accessories, has filed to raise up to $300 million in an initial public offering, Reuters reported. The New Jersey-based company was founded in 1975 and backed by European private equity group Doughty Hanson group. Goldman, Sachs and Credit Suisse will underwrite the offering, Reuters wrote.

(Reuters) – Tumi Holdings Inc, a maker of luxury baggage and accessories, filed with U.S. regulators on Tuesday to raise up to $300 million in an initial public offering of its common stock.

In a filing with the U.S. Securities and Exchange Commission, the New Jersey-based company said Goldman, Sachs & Co and Credit Suisse would underwrite the offering.

The company, founded in 1975 and backed by European private equity group Doughty Hanson group, intends to list its common stock under the symbol “TUMI,” but did not reveal the exchange it would list on.

For the twelve months ended September 25, the company posted net sales of $312.8 million and operating income of $55.9 million, according to the filing.

Tumi distributes its products in over 65 countries through about 1,600 points of distribution, the filing said.

The filing did not disclose how many shares the company planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Aman Shah in Bangalore; Editing by Viraj Nair)