Most of the proceeds from Irvine-based Tilly’s Inc.’s proposed initial public offering is expected to go to the action sports retailer’s existing shareholders, according to a document filed with the U.S. Securities and Exchange Commission Monday.

The company, which filed for an IPO in July, said in an amendment to its filing that 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 SEC document.

Tilly’s founders Hezy Shaked and Tilly Levine, along with their families, are expected to retain 96% of shareholder votes.

The rest of the offering’s funds—$2.4 million—is expected to be used as working capital by the company, according to the SEC document.

Tilly’s had net income of $34.3 million for the year ended Jan. 28, up 40.6% from a year earlier.

The company reported $400.6 million in sales, up 20.4% from the year-ago period.

Tilly’s operates a chain of 145 stores that sell action sports-branded clothes, shoes and accessories, along with its own in-house labels.