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ANTIGUA SPORTSWEAR TO HAVE IPO AND TRADE ON THE NASDAQ
Published November 19, 1997
AZ-based sportswear company Antigua Group has filed plans with the SEC to sell 3 million shares in an IPO, according to Dawn Gilbertson of the ARIZONA REPUBLIC. While the company would trade under the "proposed" NASDAQ symbol ANTGF, a "projected price range was not disclosed." The timing of the IPO "is tied to the recent sale of the company" to Canadian-based Southamptom Enterprises. Proceeds from the IPO, "which probably won't be completed until January, will be used to repay debt from the acquisition." Antigua hopes to raise $15.5M after expenses, "which indicates an expected IPO price of about $6." After the deal, company officials will own "about one-third" of Antigua. Gilbertson reports that while Antigua sales have "been relatively flat the past few years," they have been "on an upswing this year." In the "pipeline" for Antigua is "more celebrity endorsements," as it currently has deals with golfers Mark Brooks, Billy Mayfair and NBC golf announcers (ARIZONA REPUBLIC, 11/19).