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FMIC (Fender) Files to Go Public

Millions of guitar players own a Fender guitar, but now they have an opportunity to own a bit of the company that makes them, as well. Fender Musical Instruments Corp., said in regulatory filings today that it plans to sell as much as $200 million worth of stock in an initial public offering.

Some shares will be sold by Fender and some by FMIC individual owners, the Scottsdale, Arizona-based company said today in a regulatory filing. JPMorgan Securities LLC and William Blair & Co. LLC are advising on the proposed offering. No further details were announced.

“We intend to extend our reach to a broader global consumer base,” Fender said. The brand is “closely associated with the birth of rock ‘n roll and has a strong legacy in music and in popular culture.”

About $100 million of the initial public offering’s proceeds will go to pay debt, said FMIC. Fender intends to list the “FNDR” symbol on the Nasdaq, but didn’t set a price target on its stock. The company also did not say when it intends to go public.

Fender said it posted net income attributable to common stockholders of $3.2 million in 2011, from a net loss of $17.3 million the year before. Revenue grew 13 percent to $700.6 million from $617.8 million.

The market for musical instruments was worth $15.8 billion globally in 2010, according to the filing.

More info on this development when it becomes available.




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