Michael Kors (KORS) IPO Soars Higher
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The IPO for Michael Kors (NYSE: KORS) opened sharply higher on the NYSE Thursday. Shares opened at $25 after pricing 47.2 million shares at $20, above the expected $17-$19 range. The offering size was also boosted.
The deal was led by Morgan Stanley, J.P. Morgan, Goldman Sachs.
Michael Kors is a rapidly growing global luxury lifestyle brand founded by namesake Michael Kors 30 years ago.
Total revenue was $803.3 million in Fiscal 2011 as compared to $508.1 million in Fiscal 2010, representing a 58.1% year-over-year increase. Net income was $72.5 million in Fiscal 2011 as compared to $39.2 million in Fiscal 2010, representing a 84.7% year-over-year increase.
The deal was led by Morgan Stanley, J.P. Morgan, Goldman Sachs.
Michael Kors is a rapidly growing global luxury lifestyle brand founded by namesake Michael Kors 30 years ago.
Total revenue was $803.3 million in Fiscal 2011 as compared to $508.1 million in Fiscal 2010, representing a 58.1% year-over-year increase. Net income was $72.5 million in Fiscal 2011 as compared to $39.2 million in Fiscal 2010, representing a 84.7% year-over-year increase.
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