Michael Kors IPO achieves higher price

Apparel brand Michael Kors has commanded a higher price and sold more shares than originally planned in its initial public offering on Wednesday, December 14.

The company priced 47.2 million shares, 5.5 million more than originally announced at $20 each, above its expected $17-19 range. It begins trading on Thursday under the symbol KORS.

The company said in its initial SEC filing on December 5 that its major shareholders plan to reduce their stakes in the company and that the company will not receive any of the funds raised through the flotation. It expects to retain all future earnings in the operation and expansion of the business.

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