(Reuters) – Tumi Holdings Inc, which makes luxury baggage and travel goods, priced shares at $18 during its initial public offering, above its expected range on Wednesday, according to an underwriter.
The South Plainfield, New Jersey-based company priced 18.8 million shares, as planned, raising $338.4 million. The company had expected to sell shares within a range of $15 to $17.
Tumi offered about 17.6 million shares in the IPO, with stockholders offering the remainder.
Tumi’s net sales grew 31 percent to $330 million in 2011. Net income grew significantly to $16.6 million from $104,000 in the prior year.
The company, which is backed by European private equity group Doughty Hanson, will use proceeds to buy back preferred stock from shareholders.
Tumi distributes its products, which include wheeled and soft carry-on luggage, garment bags, totes and duffels, in over 70 countries.
Tumi’s IPO follows a successful offering last year from luxury goods maker Michael Kors Holdings Ltd.
The IPO’s underwriters included Goldman Sachs, Credit Suisse and J.P. Morgan.
Tumi will begin trading on the New York Stock Exchange on Thursday under the ticker “TUMI.”
Image Credit: Tumi