Galyan’s Files For $100-million IPO

The Plainfield, Indiana-based Galyan’s Trading Co. Inc., filed on Thursday to go public.

Galyan’s currently operates 21 stores in eleven states. The retail chain is looking to raise up to $100 million and use the net proceeds to repay notes held by controlling shareholders and to repay an outstanding balance on a revolving credit facility.

It also plans to use the money to fund new store growth, it said in an IPO prospectus filed with the Securities and Exchange Commission.

The private investment firm Freeman Spogli & Co., holds a 53.2 percent stake in Galyan’s, while apparel retailer Limited Inc. holds 38.6 percent, according to the filing.

Galyan’s will reveal later the number of common shares it plans to sell to the public and the price range.

It has already applied for a Nasdaq listing under the symbol “GLYN”

and hired Goldman Sachs, Salomon Smith Barney, Banc of America Securities and J.P. Morgan to handle the IPO.

Galyan’s recorded $421.7 million in net sales in fiscal 2000, compared with $108.2 million in 1996, according to the SEC filing. Winter outerwear, rugged footwear and ski equipment accounted for 14.6 percent of sales in 2000.

Nike Inc.

was the company’s largest vendor in 2000, representing 8 percent of purchases. Columbia Sportswear Co. was the second largest, at 6 percent, the filing said.