Korn/Ferry Details Its Plans for an IPO

Executive search firm Korn/Ferry International plans to sell 35% of its common stock in an initial public offering. The Los Angeles-based firm will seek to sell 12.5 million shares for $13 to $15 each, according to documents filed with the Securities and Exchange Commission. Korn/Ferry filed for an IPO in August, but that filing gave no details. If the shares sell in the estimated range, the company could have an implied market value of around $536 million, based on 35.7 million shares being outstanding after the stock sale. If the shares sell for $15 each, Korn/Ferry would raise $187.5 million in the offering, or about 18% less than it had estimated it would raise four months ago when it first filed for an IPO. The underwriting group for the IPO is led by Credit Suisse First Boston. Korn/Ferry expects its shares to trade on the New York Stock Exchange under the symbol KFY.