Claire's Inc Prepares for IPO

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Claire's Inc, the private equity backed retailer of jewelry and accessories, has filed an application with government regulators to raise up to US$100 million in an initial public offering of its common shares of stock.

The company was purchased and privatized by Apollo Management LP for US$3.1 billion back in 2007. The firm said it is intending to list its shares at the New York Stock Exchange under the symbol 'CLRS'.

The Apollo purchase consisted of 97.7% share in the company, according to the filing with regulators. The filed documents did not list the underwriters and no indication as to the volume of sales were provided or the price range for its sale.

The amount listed by the company during its raising of its IPO would be a mere placeholder to beused in the calculation of registration fees. The final amount of the IPO would differ when the actual selling commences.

The company had reported US$1.56 billion in net sales for fiscal year 2012 and it is planning to use the proceeds from the IPO to pay its outstanding debt. As of February 2, it operates 3,477 stores globally.

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