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June 20, 2006
Otis Spunkmeyer Files for IPO
One of my favorites is going public.
The San Leandro, California-based company said in a registration statement with the Securities and Exchange Commission that it planned to use the IPO proceeds to repay debt, to redeem Class A preferred stock and for general corporate purposes.
Otis Spunkmeyer said its principal focus was selling frozen cookie dough products to the food service channel, which represented 63 percent of its net sales in fiscal 2005.
According to restated results, the company earned $5.4 million on $336.3 million of net sales in 2005.
The filing said Merrill Lynch & Co. and JPMorgan were underwriting the offering.
The document did not reveal how many shares the company planned to sell or at what price. Those details will probably be revealed in future filings.
Posted by edelfenbein at June 20, 2006 11:01 AM
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