Vera Bradley Announces Underwriters' Exercise of Over-Allotment Option

By WISE Web News

Vera Bradley Announces Underwriters' Exercise of Over-Allotment Option

October 23, 2010 Updated Oct 23, 2010 at 8:30 AM EDT

FORT WAYNE, Ind. (Indiana's NewsCenter) -- Vera Bradley Inc. announced Friday that the underwriters of the company’s initial public offering have used its option to buy an additional 1.65 million shares at $16 each to cover high demand.

That puts the Fort Wayne-based company’s IPO total at 12.65 million shares, including 4 million sold by the company and 8.65 million sold by various shareholders. The total amount raised, before banking fees, is now more than $202 million. It plans to use the funds to pay notes due to shareholders.

In after-hours trading Friday, the company's shares increased after ending the regular session at $26.90, up $2.05 or 8.3 percent.

The company’s stock trades under the VRA ticker on the Nasdaq stock market. Friends Barbara Bradley Baekgaard and Patricia R. Miller founded Vera Bradley in 1982.

What are your thoughts CLICK HERE to leave us a "QUESTION OF THE DAY” comment.

© Copyright 2016, A Quincy Media broadcasting station. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.