Shares of Heelys , a maker of a popular brand of shoes that double as roller-skates, took off on their first day of trading.
Heelys raised almost $135 million with an initial public offering that priced above its forecast range. The 6.425 million share offering, which represents an almost 24% stake in the company, sold for $21 per share compared with a $16 to $18 forecast.
Underwriters, led by Bear Stearns & Co. and Wachovia Securities, will have the option to buy another 937,500 shares to cover over-allotments, according to documents filed with the U.S. Securities and Exchange Commission.
Heelys has a runaway hit with its patented footwear, which conceals a wheel in each heel that allows the wearer to skate by angling their toes skyward. Even before the holiday shopping season, net sales for the Carrollton, Texas-based company this year are already twice the level of all of 2005, which had doubled from 2004.