Perfumania.com
This article was originally published in The Rose Sheet
Executive Summary
Online company files registration for initial public offering of 2.5 mil. shares of common stock at $7 to $9 per share at a proposed maximum aggregate offering price of $25.9 mil. with the Securities & Exchange Commission June 4. In addition, 375,000 shares may be purchased by the IPO underwriters within 45 days. Proceeds will be used to fund anticipated debt, repay a $1.6 mil. advance from parent Perfumania, Inc. and for general corporate purposes. The offering represents approximately 33% of Perfumania.com's total shares. The Miami-based e-commerce company has applied for entry on the American Stock Exchange under the symbol PCI. Newport Beach Calif.-based Cruttenden Roth and Pennsylvania Merchant Group (West Conshohocken, Penn.) serve as underwriters. Perfumania announced its intent to spin off its Internet business in March ("The Rose Sheet" March 22, In Brief)
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