Retailer Express Sets IPO Terms

Express, a Columbus, Ohio-based retail apparel brand and retailer, has set its IPO terms to 16 million common shares being offered at between $18 and $20 per share. It would have an initial market cap of approximately $1.77 billion, were it to price at the high end of its range.

The company plans to trade on the NYSE under ticker symbol EXPR, with Goldman Sachs and BoA Merrill Lynch serving as co-lead underwriters. It reports $1.72 billion in net sales for the year ending January 30, 2009, compared to $1.74 billion in the year-ago period. Net income jumped to $75 million from negative $29 million.

Golden Gate Capital acquired a 67% interest in Express in July 2007, for $548 million. The seller was Limited Brands Inc. (NYSE: LTD), which remains an Express shareholder.