The deal would raise money to help finance ambitious expansion plans and give the Erickson family, which owns the chain, a liquid market for its investment. Gander plans to open 13 to 15 stores in fiscal 2004. The retailer is a subsidiary of Holidays Cos. in Bloomington, a chain of gas stations also owned by the Erickson family.

Sales have been growing for Gander Mountain-—$307.4 million for the first nine months, which is about 33% higher than a year ago. The company lost $11.2 million through the first nine months of the current fiscal year, compared with a loss of $13.4 million for the same period the previous year.

The company has grown from 26 stores in 1995 to 65 stores in Minnesota and eight other states in the Midwest and Northeast. It plans to add many more stores, several of which will be larger than what its average size has been. The latest is a 120,000-sf big box in Wallkill, NY. The company says in its IPO filing that there are more than 400 potential locations for Gander Mountain stores.