STEIN MART ANNOUNCES INITIAL PUBLIC OFFERING
STEIN MART ANNOUNCES INITIAL PUBLIC OFFERING JACKSONVILLE, Fla., April 22 /PRNewswire/ -- Stein Mart, Inc.
announced today the initial public offering of 3.25 million shares of common stock at $13 per share. A Stockholder has granted the Underwriters an option to purchase up to an additional 487,500 shares to cover over-allotments, if any. The common stock will trade on the NASDAQ National Market System under the symbol "SMRT".
The First Boston Corporation, Alex. Brown & Sons, Incorporated and J.C. Bradford & Co. are the managers of the underwriting syndicate offering the stock to the public. Net proceeds to the company from the sale of stock will be used to pay a distribution of S Corporation and C Corporation earnings to existing stockholders upon termination of the company's S Corporation status and to repay indebtedness. Stein Mart, Inc. is a 45-store retail chain offering fashionable, current-season, primarily branded merchandise comparable in quality and presentation to that of traditional department and fine specialty stores at prices competitive with off-price retail chains. The company's focused assortment of merchandise features moderate to designer brand- name apparel for women, men and children, as well as accessories, gifts, linens and shoes, at prices typically 25 percent to 60 percent below those regularly charged by traditional department and fine specialty stores. -0- 4/22/92 /CONTACT: Joseph D. Fashano, vice president of The First Boston Corporation, 212-909-2107/ (SMRT) CO: Stein Mart Inc. ST: Florida IN: REA SU: OFR
SH -- NY025 -- 1112 04/22/92 09:34 EDT
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|Date:||Apr 22, 1992|
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