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Tilly's Estimates IPO Price To Be Between $11.50 And $13.50/Share - Quick Facts

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4/23/2012 6:40 AM ET

Tilly's Inc. said it is offering 7.6 million of the company's Class A common stock to be sold in an initial public offering. The selling stockholders are offering an additional 400 thousand shares. The company expects the public offering price to be between $11.50 and $13.50 per share.

Tilly's noted that it will not receive any of the proceeds from the sale of the shares being sold by the selling stockholders, including any shares sold by the selling stockholders in connection with the exercise of the underwriters' option to purchase additional shares.

Following this offering, Tilly's will have two classes of authorized common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share and is convertible into one share of Class A common stock upon the occurrence of certain events. Upon completion of this offering, holders of Tilly's Class B common stock will control common stock representing 96% of the total voting power of our common stock.

Currently, no public market exists for the Class A common stock. After pricing of the offering, Tilly's expects that the Class A common stock will trade on the New York Stock Exchange under the symbol "TLYS".

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by RTT Staff Writer

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