Most proceeds from a planned initial public offering by Irvine-based Tilly’s Inc. will go to existing shareholders of the action-sports apparel retailer, according to a U.S. Securities and Exchange Commission filing.
Tilly’s operates a chain of 145 stores that sell action sports-branded clothes, shoes and accessories, as well as proprietary labels. The company filed for an IPO in July.
Tilly’s said in a recent amendment to its original filing it expects to raise $86.4 million, based on a $12.50 per share price. Most of the offerings proceeds—$84 million—will go to current shareholders, according to the filing.
The $2.4 million balance of projected offering proceedings is expected to be used as working capital by the company, Tilly’s said.
Tilly’s founders Hezy Shaked and Tilly Levine, and their families, will retain 96% of shareholder votes.
Tilly’s had net income of $34.3 million for the fiscal year ended Jan. 28, 41% more than in fiscal 2011.
The company reported a 20% rise in annual sales to $400.6 million.
—Kari Hamanaka
