In addition, Gander Mountain has granted the underwriters a 30-day option to purchase up to an additional 858,750 shares at the initial public offering price to cover over-allotments, if any. If all shares are sold, the company would raise about $105 million, minus an estimated $12 million in fees.

Gander Mountain's common stock is quoted on the Nasdaq National Market under the symbol "GMTN." Banc of America Securities LLC, William Blair & Co. and Piper Jaffray & Co. are managing the offering. The offering is expected to close on Monday.

Gander Mountain has 66 outdoor lifestyle stores in nine states--Illinois, Indiana, Iowa, Michigan, Minnesota, New York, Ohio, Pennsylvania and Wisconsin.

Gander Mountain will use the net proceeds of the offering to pay down debt and open more of its large-format--80,000-sf--stores.

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