Blue Nile to Offer 3.74 Million Shares in IPO
April 20, 04
Internet jewelry retailer Blue Nile Inc is to offer 3.74 million shares in an initial public offering.
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Blue Nile, which is based in Seattle, said it expects the IPO price range to be between $17.50 and $19.50 per share.
The company, which offers more than 30,000 certified diamonds and more than 1,000 styles of jewelry, such as rings, wedding bands, earrings, bracelets and watches, announced last month it hoped to raise $75 million in the share offering.
The proceeds will be used for general corporate purposes, including working capital and capital expenditures, and possible investments in securities, the company said. It said it has no intention of acquiring other businesses or technologies.
According to documents filed with the SEC, Blue Nile has posted growth in net sales each year since its launch in 1999. The document shows that net sales in 2003 reached $128.9 million from $44.2 million in 2000.
It said independent research firm Forrester Research estimates that the online jewelry and luxury goods market is expected to grow to $6 billion in 2008 from $2 billion in 2003.