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Gander Mountain Aims to Net $93M in IPO

BLOOMINGTON, MN-The sporting goods retailer would use proceeds to pay down debt and open additional large format, 80,000-sf stores. The company will be traded under the symbol "GMNT" on Nasdaq.

By Jim McCartney | Updated on April 22, 2004

BLOOMINGTON, MN-Gander Mountain Co. has priced its initial public offering of 5.725 million shares of its common stock at $16 per share. All of the shares are being sold by Gander Mountain, the locally based outdoor equipment store.

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.

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