Stock Offering Expected to Raise $170 Million for Oakley

Sunglasses maker Oakley Inc. filed Monday with the Securities and Exchange Commission an initial offering of nearly 10 million common shares that will generate an estimated $170 million to $190 million.

The company said it plans to sell 3.3 million shares, while its president, Jim Jannard, will sell more than 6 million shares. Jannard will continue to hold 65% of the corporation after the sale. At an expected $17 to $19 a share, Jannard would take in as much as $115 million, while Oakley would generate as much as $62 million. Oakley officials have declined to comment on their plans for the revenue.

The underwriters, Merrill Lynch & Co. and Alex. Brown & Sons Inc., will sell 8 million shares in the United States and Canada while the remaining 2 million will be offered abroad. The shares will be sold on the New York Stock Exchange. After the sale, the company will have 35.7 million shares outstanding.

Oakley has grown in recent years, developing high-performance sport sunglasses and goggles.