Costa Mesa surfwear maker Volcom Inc. took a step closer to going public Thursday by pricing its shares at $15 to $17.
Volcom plans to sell 4.2 million shares, raising $63 million to $71 million. Shareholders plan to sell another 500,000 shares, according to a filing with the Securities and Exchange Commission.
Based on the midpoint of Volcom’s pricing, the company could have an initial market value of $373 million.
Volcom hasn’t yet set a date for its offering, though the pricing suggest it could be soon.
The company is braving a mixed market for public offerings. Several companies have gone out below their expected pricing this year.
Another local company, Newport Beach-based Jazz Semiconductor Inc., withdrew its offering plans on Wednesday, citing market conditions.
Volcom’s pricing Thursday lowers the company’s expected take in the offering from an earlier projection of $86 million.
The company designs edgy clothes for surfers, skaters and wannabes alike. It is set to join a select group of publicly traded surfwear makers, including industry leader Quiksilver Inc. of Huntington Beach and Irvine’s Billabong USA, whose parent Billabong International Ltd. is publicly traded in its native Australia.
Most other surfwear makers are small and privately owned or have been sucked up in a wave of recent acquisitions by big apparel makers such as Nike Inc., Warnaco Group Inc. and VF Corp.
