Market Commentary and Intraday News
Michael Kors registers for stock offering
254 days ago
By The Associated Press
Michael Kors Holdings Ltd. filed regulatory documents Friday for an offering of 20 million shares stock.
The of the upscale clothing and accessory company, based in Hong Kong, went public on the New York Stock Exchange in December. Its business has boomed and its share price has followed, more than doubling from its $20 debut.
Michael Kors did not disclose exactly which shareholders will sell shares but did not some member of its management are included, according to its filing with the Securities and Exchange Commission. The company will not receive any proceeds from the offering.
Underwriters have an option to buy up to 3 million more shares.
Michael Kors makes clothing, shoes, jewelry and handbags. Its net income doubled to $147.4 million for the fiscal year that ended in March from the prior year. Revenue grew 63 percent to $1.24 billion.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Goldman Sachs & Co. are joint managers for the offering.
Michael Kors shares fell $2.42, or 4.3 percent, to $53.61 in after-hours trading. They rose 53 cents to close at $56.03 in the regular session.
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