Oakley Stock Offer Begins Today
- Share via
IRVINE — Oakley Inc., the maker of premium-priced sports sunglasses, is scheduled to begin selling 10 million shares of stock for the first time today to raise at least $180 million for the owners and the company.
Merrill Lynch & Co., the lead underwriter, said Wednesday that it will price the stock at $23 a share for initial buyers. The company’s prospectus had projected an initial price range of $18 to $20 a share.
The Irvine-based company is selling 3.3 million shares to finance a new headquarters in Foothill Ranch and to reduce debt. President Jim Jannard is selling 6 million shares, which will reduce his 90% interest in the company to 65%, and other officers are putting up the remaining shares.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
