(Reuters) - Canada's Lululemon Athletica Inc. set its initial public offering of 16.4 million shares at $10 to $12 a share.
The retailer of yoga-inspired athletic apparel in North America had earlier filed to offer 18.2 million shares, according to a July 9 filing with the U.S Securities and Exchange Commission.
In an amended filing, the company on Friday said it plans to sell 2.3 million shares while certain stockholders will sell the remaining 14.1 million shares.
Lululemon said it would not receive any proceeds from the shares being sold by the selling stockholders.
Goldman, Sachs & Co., Merrill Lynch & Co., Credit Suisse, UBS Investment Bank, William Blair & Co., CIBC World Markets, Wachovia Securities, and Thomas Weisel Partners LLC are the underwriters for the IPO.
The company was founded in 1998 by Dennis "Chip" Wilson in Vancouver, British Columbia, and was developed to cater to the women's athletic apparel market, with its logo now a mainstay in yoga studios and trendy neighborhoods.
The company plans to list its stock on the Nasdaq under the symbol "LULU" and on the Toronto Stock Exchange under the symbol "LLL."
Lululemon said it plans to use the net proceeds to fund new store openings and working capital, and for other general corporate purposes.
For the fiscal year ended January 31, the company earned $7.7 million on $148.9 million of net revenue. For the previous year, it earned $1.4 million on net revenue of $84.1 million.
(Reporting by Swagata Gupta in Bangalore)
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