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 7:30 AM EST

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.

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