Tumi Climbs 44%
It was revealed on Thursday that Tumi Holdings (NASDAQ: TUMI) saw a dramatic surge in shares as the luggage maker made its debut as a public company.
The stock opened at $25 on NYSE, 44% higher than the $18 per share it was originally priced at. Tumi was expecting the IPO to be priced between $15 and $17 per share. In addition, midday trading saw the stock gain $9.70, or 54%, taking it to $27.70.
Tumi opened for business back in 1975 when it imported leather bags from South America. From 1983, it became known for the high end luggage that it continues to make.
Tumi's IPO sees it offering roughly 15.6 million shares, while stockholders are offering approximately 3.2 million shares.
Overall, the IPO raised roughly $338.4 million, though that number is pre underwriter commissions and other expenses. Underwriters have the option of buying an additional 2.8 million shares.
2011 net income came in at $16.6 million on revenue of $330 million. The previous year, it posted net income of $104,000 on revenue of $252.8 million.
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