GARMIN Announces Initial Public Offering
Friday December 8, 10:12 am Eastern Time
Press Release
CAYMAN ISLANDS, Dec. 8 /PRNewswire/ -- GARMIN Ltd. announced today its initial public offering of 10.5 million common shares at a price of $14 per share. Of the shares being sold, 7,875,000 are being sold by GARMIN, while the remaining 2,625,000 shares are being sold by certain selling shareholders. The shares will be listed on the Nasdaq National Market under the symbol GRMN.
Merrill Lynch and Credit Suisse First Boston are the lead underwriters, while Salomon Smith Barney is a co-manager. The company and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,575,000 common shares to cover any over-allotments.
The public offering will be made only by means of a prospectus. A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A prospectus relating to these securities may be obtained from the underwriters.
About GARMIN
GARMIN is a leading manufacturer of navigation, communications and information devices for the aviation, marine, general recreation, automotive, wireless and OEM markets. Most of its products are enabled with Global Positioning System (GPS) technology. The company is incorporated in the Cayman Islands and its principal subsidiaries maintain offices in the United States, Taiwan and the United Kingdom.
SOURCE: GARMIN Ltd. |
