Handbag Maker Vera Bradley Files For $175M IPO

By Banzay on 09:56

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Vera Bradley Inc. plans to sell up to an estimated $175 million of stock in an initial public offering, with the maker of handbags and accessories looking for capital for growth efforts.

The filing flow of IPOs has remained steady in recent months despite the stock market's increased volatility, but getting the deals closed has been another matter. In the U.S., a number of deals have priced below expectations while some companies shelved plans altogether.

Vera Bradley, which also makes travel and leisure items for women, has applied for its stock to be listed on the Nasdaq Global Market. No potential ticker symbol was specified.

The 28-year-old company has seen sales more than double in the past five years. In its fiscal first quarter ended May 1, Vera Bradley reported its profit more than doubled to $16.8 million as revenue grew 19% to $85 million. Its products are in some 3,300 independent stores, nearly all in the U.S., and "select" national retailers and third party e-commerce sites. Vera Bradley also has 29 stores, all but one full-priced locations.

The company said in its filing Thursday with the Securities and Exchange Commission that it feels the U.S. can support at least 300 of its full-priced stores.

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