HONG KONG (MarketWatch) -- Travel and business accessories maker Tumi Holdings Inc. on Wednesday priced its 18.8 million share initial price offering at $18 apiece, above its indicative price range of $15 to $17. Existing shareholders, including funds managed by or affiliated with Doughty Hanson & Co. are offering 3.2 million shares out of those shares sold. The IPO underwriters have a 30-day option to sell an additional number of up to 2.82 million shares from existing shareholders. Tumi expects to receive proceeds of about $264.1 million from the IPO, net of underwriters' discount, and plans to use the money to repurchase all of its preferred stock, and a portion of its common stock owned by Doughty Hanson. The shares are due to begin trading on the New York Stock Exchange Thursday, under the symbol TUMI.
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