Bluestem Brands, a multi-brand retailer offering a wide range of products targeting low to middle income customers, announced terms for its IPO on Monday. The Eden Prairie, MN-based company plans to raise $150 million by offering 10 million shares at a price range of $14.00 to $16.00. At the mid-point of the proposed range, Bluestem Brands will command a market value of $530 million. Bluestem Brands, which was founded in 1948 and booked $560 million in sales for the 12 months ended July 31, 2011, plans to list on the NASDAQ under the symbol BSTM. Piper Jaffray, Wells Fargo Securities, and Deutsche Bank Securities are the lead underwriters on the deal. Timing is still to be determined.
Bluestem Brands is the second company to file terms on Monday, following Clovis Oncology (CLVS) who set IPO terms earlier in the day.
