Platinum Account Group Sees Luxury Fashion IPO Surge
Online, January 6, 2012 (Newswire.com) - Shares of luxury retailer Michael Kors surged 25% in their debut on the New York Stock Exchange Thursday morning.
Late Wednesday, the company priced its initial public offering at $20 a share, above its lower estimated range of $17 to $19 a share. The offering raised $944 million for the retailer, after it sold 47.2 million shares to the public.
Platinum Account Group reports that shares of Michael Kors, which began trading Thursday under the ticker KORS, were up 23% at $22.51 in early trading.
The IPO gives the company a market value of roughly $1.18 billion. At its current size, it's a smaller competitor to luxury retailers like Fortune 500 company Ralph Lauren valued at $12 billion or Burberry valued at roughly $5 billion.
Michael Kors is the clothing line named for the company's founder and CCO. Already well-known in fashion circles, Michael Kors has achieved an added degree of celebrity by serving as a judge on Bravo's Project Runway for the last five years.
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