By Tomi Kilgore. Source: MarketWatch.
Women’s apparel retailer J. Jill JILL, +0.00% said it has launched its initial public offering of 11.67 million shares. The IPO is expected to price between $14 and $16 a share. The company will not receive any proceeds from the IPO, as all the shares will be sold by a selling stockholder. The underwriters of the IPO have been granted 30-day options to buy up to an additional 1.75 million shares. The stock will list on the New York Stock Exchange under the ticker symbol “JILL.” BofA Merrill Lynch, Morgan Stanley and Jefferies are the joint lead book-running managers. J. Jill had net income of $14.3 million for the fiscal year ended Jan. 3, 2016, up from $10.3 million in the same period a year ago. The IPO comes at a time that the retail sector has underperformed the broader stock market, as the SPDR S&P Retail ETF XRT, -0.33%has lost 0.8% year to date while the S&P 500 SPX, +1.42% has gained 5.7%.