Shoemaker Heelys raises $135 million in offering

Heelys Inc., the novelty shoemaker that has equipped thousands of children around the world with wheeled sneakers, raised $134.9 million in an initial public offering Thursday, 20% more than it planned.

The company and its shareholders sold 6.43 million shares for $21 each, more than the 6.25 million shares it expected to sell at $16 to $18 each, people familiar with the sale said.

Heelys is expected to begin trading today under the ticker HLYS.

“The timing of this is impeccable,” said David Menlow, president of Millburn, N.J.-based IPOFinancial.com, before the offering. “Anything that kids are connected to and really understand, that’s a powerful branding item.”

The sale values Carrollton, Texas-based Heelys at $567.6 million, based on the 27 million shares it listed in a Nov. 24 filing with the Securities and Exchange Commission.

Heelys’ shoes feature a removable wheel in the sole, allowing wearers to move from walking or running to skating by shifting weight to their heels.

The sale is being managed by Bear, Stearns & Co., Wachovia Securities, JPMorgan Chase & Co. and CIBC World Markets.