Maidenform to Begin Trading on Wall Street

Maidenform Brands Inc., the intimate apparel maker that helped usher in the modern-day bra, is slated for a $150-million initial public offering in the coming week.

The company got its start more than 80 years ago when dress shop owners Ida Rosenthal and Enid Bissett thought they could improve on the boyish, bandeau-style bras women were wearing during the flapper craze of the 1920s.

The result was the Maidenform Brassiere, designed to accentuate a woman’s natural curves, and the beginnings of the Maidenform Brassiere Co.

Today the company’s bras, panties and shapewear can be found in department stores and chains such as Bloomingdale’s, Macy’s, Kohl’s and Target under brands including Maidenform, Flexees and Lilyette.

“The name is worth its weight in gold,” Kurt Barnard, president of Barnard’s Retail Consulting Group, said of Maidenform’s brand recognition.

Although Maidenform has brand-name appeal, the structure of its IPO could be less than appealing to potential investors.

The deal is coming just one year after buyout fund Ares Management acquired Maidenform from Oaktree Capital Management, and the IPO proceeds will end up mainly going to Ares, Oaktree and the company’s top executives.

Deals designed to pay off company insiders have mostly faltered this year, including the IPOs of Lazard Ltd. and Warner Music Group Corp.

If Maidenform’s IPO is priced at $15 a share, the middle of its expected range, the company would have a market capitalization of $351 million.

Maidenform’s IPO is set to price Thursday night, with its stock debuting on the New York Stock Exchange on Friday under the ticker symbol MFB.