Reuters – Fender Sets IPO at $13-$15 Per Share

Fender Musical Instruments Corp., whose guitars have been used by music legends including Jimi Hendrix and Eric Clapton, said it expected its initial public offering of 10.7 million shares to be priced between $13 and $15 each. At the midpoint of the range, the IPO will raise about $150 million. The company, which makes the iconic Stratocaster guitar, will sell 7.1 million shares, while private equity firm Weston Presidio will sell 3.5 million shares.

(Reuters) – Fender Musical Instruments Corp, whose guitars have been used by music legends including Jimi Hendrix and Eric Clapton, said it expected its initial public offering of 10.7 million shares to be priced between $13 and $15 each.

 

At the midpoint of the range, the IPO will raise about $150 million.

 

The company, which makes the iconic Stratocaster guitar, will sell 7.1 million shares, while private equity firm Weston Presidio will sell 3.5 million shares.

 

Fender had filed for an offering of up to $200 million in March.

 

J.P. Morgan, William Blair, Baird, Stifel Nicolaus Weisel and Wells Fargo Securities would be underwriting the offering, the company said in a filing with the U.S. Securities and Exchange Commission.

 

The company, which had net sales of $700.6 million in the fiscal year ended Jan. 1, said it plans to apply to list on the Nasdaq under the symbol “FNDR.”