Skullcandy Inc., the company known for its colorful, stylish headphones, plans to raise at least $125 million in an initial public offering. The company said in a regulatory filing Monday it plans to use the proceeds to repay debt, for working capital and general corporate purposes.Skullcandy's IPO filing comes less than a week after professional networking website LinkedIn Corp. announced plans to go public, and it's further sign that the IPO market is heating up.Skullcandy, based in Park City, Utah, grew its sales from $9.1 million in 2006 to $118.3 million in 2009, according to its filing. Its stylized headphones are sold in consumer electronics, sporting goods and mobile phone stores, as well as mass retailers such as Target.
The company expects to grow its business as mobile devices become increasingly prevalent and "action sports" grow in popularity. Its motto is "Every revolution needs a soundtrack."
The company did not say how many shares it is offering, the expected price range, or when it plans to file. The filing said Skullcandy expects to raise $125 million in the offering, but this was estimated to calculate the registration fee and can change.
The underwriters are BofA Merrill Lynch and Morgan Stanley. Skullcandy plans to list its shares on the Nasdaq under the ticker symbol "SKUL."
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