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Details on Industry Insight.
Skullcandy raised $188.8 million in an expanded initial public offering after it upped the number of shares available and priced them above the marketed range, according to Bloomberg news.
The company sold 9.44 million shares at $20 each to institutional and other large investors, after initially expecting to sell 8.33 million at $17 to $19 each, Bloomberg said.
The expanded offering signals strong demand from investors for Skullcandy's stock, according to the Associated Press.
Skullcandy sold half the shares and other shares were sold by investors such as founder and former CEO Rick Alden, current CEO Jeremy Andrus and private equity firms involved with the company, Bloomberg said.
Skullcandy’s stock bought by large investors is expected to debut on the Nasdaq stock exchange today trading under the symbol SKUL.